Real estate investor John Sweetland has pleaded guilty to participating in a mortgage fraud scheme involving more than two dozen properties in Greater Boston. Sweetland admitted to using fraudulent documents to defraud homeowners and mortgage lenders.

Sweetland, of Yorba Linda, Calif., pleaded guilty recently to charges of larceny over $250 (33 counts), making or publishing false or exaggerated statements (11 counts) and attempt to make or publish a false or exaggerated statement (three counts), according to Attorney General Martha Coakley’s office.

Sweetland was sentenced to serve 18 months in the jail, with an additional two year sentence suspended for a probationary period of three years. Sweetland must also pay $150,000 in restitution to the homebuyer victims and reimburse the commonwealth for the cost of authorities extraditing him from California after he defaulted in court on a previous date in this case.

"At a time when many people are struggling to keep their homes, it is shameful that those in positions of trust would try to take advantage of a homeowner’s for their personal financial gain," Coakley said. "We are pleased that the courts agree that these types of actions should be punished, and our office will continue to protect the rights of homeowners."

 

Calif. Real Estate Investor Pleads Guilty To Local Mortgage Fraud Scheme

by Banker & Tradesman time to read: 1 min
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