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One of the nation’s top loan officers is sentenced to 10 years in prison for a mortgage fraud scheme.

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Leader of Mortgage Fraud Scheme Sentenced

02/20/2013
 

Mollie Halpern: One of the nation’s top loan officers is sentenced to 10 years in prison for a mortgage fraud scheme.

Shawn Portmann’s crimes contributed to the housing market crisis.

Benjamin Williamson: It’s important to realize that this type of crime is extremely serious and extremely damaging to the country and it affects everybody.

Halpern: I’m Mollie Halpern, and this is Gotcha, the FBI’s closed case of the week. Portmann, a former principle at Pierce Commercial Bank, submitted false statements in loan applications which made it possible for unqualified borrowers to get approved. He caused more than $10 million in losses to the bank—which eventually collapsed. Special Agent Benjamin Williamson of the FBI Seattle Division says the investigation took years…

Williamson: We reviewed hundreds of loan documents and we were able to see patterns of fraud that were very blatant.

Halpern: Portmann lined his own pockets—even as his victims were forced to foreclose.

Williamson: He did live lavishly.

Halpern: The FBI worked with its state and federal partners on this case.

Williamson: It was definitely a big joint effort.

Halpern: For more information, visit www.fbi.gov

 

09.02.10

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