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Boston Man Sentenced In Mortgage Fraud Scheme

Nov 29, 2010 | Reprints | Unlock Link | Print

A Boston man has received a jail sentence and been ordered to pay $100,000 restitution for his role in a mortgage fraud scheme.

Prosecutors said 39-year-old mortgage broker Brian Arrington was sentenced to a year in jail, with all but one month suspended for a probationary period of three years. He pleaded guilty to charges including multiple larceny counts.

The attorney general’s office said Arrington was one of six people involved in the scheme, in which investors interested in buying multifamily homes in the Boston area were lured in with inflated appraisals of 26 distressed properties. The buyers were then left with properties not worth the loans obtained to purchase them.

Arrington’s lawyer did not immediately respond to a call for comment on Friday. (AP)

Residential Real Estate