One of the nation’s top loan officers is sentenced to 10 years in prison for a mortgage fraud scheme.
Leader of Mortgage Fraud Scheme Sentenced02/20/2013
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