Pennsylvania Broker Sentenced to 3 Years

Allison Tussey —  January 4, 2010 — Leave a comment

Richard J. Thomas, Pittsburgh, Pennsylvania, was sentenced to 36 months in prison. The court did not impose a fine and waived interest on restitution. Upon release from imprisonment, Thomas shall be placed on supervised release for 3 years. Restitution of $731,380.93, and a special assessment $100 were also ordered by United States District Judge Joy Flowers Conti.

As previously reported by Mortgage Fraud Blog, Thomas pleaded guilty in federal court in Pittsburgh to a charge of mail fraud. Thomas pleaded guilty to one count before.

In connection with the guilty plea, Assistant United States Attorney Luke Dembosky advised the court that, from in and around May 2002 to in and around February 2007, Thomas, while employed as a mortgage broker with Penntowne Mortgage Group, LLC, defrauded lenders by taking out second and third mortgages on residential properties without the owners’ knowledge, diverting the proceeds and other mortgage transaction monies to his own use. The total losses in the scheme are $961,704.

Judge Conti scheduled sentencing for November 20, 2008 at 3:00 p.m. The law provides for a maximum sentence of twenty years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

The Federal Bureau of Investigation conducted the investigation that led to the prosecution of Thomas.

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