Man Sentenced for Obtaining $1M in Fraudulent Loan Proceeds

admin —  April 30, 2013 — Leave a comment

Joseph Robert Guernsey, 39, Myrtle Beach, South Carolina, was sentenced by United States District Judge R. Bryan Harwell to 21 months’ imprisonment and ordered to pay restitution in the amount of $141,206.39 for bank fraud, a violation of 18 U.S.C. § 1344.

As previously reported by Mortgage Fraud Blog, evidence presented at the change of plea hearing established that from March 2007 to June 2009, Guernsey was involved in a scheme to defraud various financial institutions in loan applications totaling $1,000,000 by making material false claims regarding income and that the property being purchased was to be used as a primary residence. Guernsey owned and operated Southern Auto Sales, Myrtle Beach, at the time.

United States Attorney Bill Nettles announced the sentence.

The case was investigated by agents of the Federal Bureau of Investigation. Assistant United States Attorney William E. Day, II of the Florence Office handled the case.


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