MINNEAPOLIS (WCCO) – A 49-year-old real estate agent from Savage was sentenced on Friday for her participation in a multi-million-dollar mortgage fraud scheme that victimized lenders across the country.
Barbara Lynnae Puro was sentenced to 60 months in prison after pleading guilty to one count of conspiracy to commit wire fraud on March 14, 2012.
The indictment states that from Jan. 1, 2005 to Jan. 1, 2008, she conspired with others to obtain loan loan proceeds by making false representations to and withholding material information from lenders during the loan application process.
At the time, she was employed by HomStar USA, ReMax Advantage Plus, and Coldwell Banker Burnet, where she was responsible for recruiting and representing buyers and sellers of residential properties.
As part of the scheme, Puro arranged for unwitting homeowners to sell their properties to straw buyers at inflated prices. The result was fraudulent loans in excess of $10 million and losses of approximately $5.3 million.