Eric Meinel, 32, has been sentenced for his participation in a mortgage fraud scheme.
As taken from court documents, Meinel and his business partner, Bradley Hollister, owned a real estate holding company called Accolade Enterprises, which bought, rented, renovated and sold real estate properties. Meinel and Hollister (whom the government charged separately) played a limited role in a large mortgage fraud scheme devised and executed by mortgage broker, James Lytle.
As previously reported on Mortgage Fraud Blog, the scheme involved the sale of properties, at prices desired by the sellers, to straw buyers whose application information Lytle fabricated. After the loans closed, the sellers paid Lytle kick-backs, which were not disclosed in the settlement documents. Lytle and his partner, Martin Valdez have both been sentenced to 84 and 72 months imprisonment, respectively.
Meinel has been placed on probation for 5 years, with 6 months home confinement. He is also required to make regular restitution payments.