WCCO EYE4 LOGO WCCO Radio

Latest News

Minn. Couple Sentenced For Mortgage Fraud Scheme

View Comments
(credit: Jupiter Images)

(credit: Jupiter Images)

Today's Most Popular Video
Are You Ready For Art-A-Whirl? Zippity Is Our Pet Guest Of The Week! Viewers' Choice For MN's Best Patio: Psycho Suzi's How We Got Started: Mike Binkley How We Got Started: Angela Davis

MINNEAPOLIS (AP) — A federal judge has sentenced a Stillwater couple for orchestrating a $5 million mortgage fraud scheme.

U.S. District Judge David Doty on Thursday sentenced 52-year-old James Hoffman to 6.5 years in prison. The judge also ordered Hoffman to pay $344,000 in restitution to victims.

Doty sentenced 53-year-old Teresa Hoffman to a year and a day in prison.

The Hoffmans pleaded guilty in February.

According to the indictment, James Hoffman conspired from 2001 through 2009 to defraud mortgage lenders and obtain money from those lenders. The indictment alleged that Teresa Hoffman began participating in the scheme in August 2006.

The couple allegedly recruited straw buyers to purchase real estate in both Minnesota and Wisconsin with the proceeds of fraudulent mortgage loans arranged by James Hoffman, and sometimes by both defendants.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Listen Live!

Mobile Weather Watcher

Follow CBS Minnesota

Like us on foursquare
wccoradio podcastbanner3 WCCO Radio

Meet WCCO-TV’s Anchors

Amelia Santaniello Frank Vascellaro Chris Shaffer Mark Rosen

TV Schedule

Full Program Grid
7:00 PM Elementary
8:00 PM Criminal Minds
9:00 PM 48 Hours
10:00 PM WCCO 4 News at Ten
10:35 PM Storm Stories
11:05 PM Life to the Max
11:35 PM CSI: Miami