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Ex-Mortgage Exec Heading to Jail, Ordered to Pay $52M for Fraud

A federal court has sentenced the former head of an Oklahoma City-based mortgage company to serve more than eight years in prison and pay $51.8 million in restitution for defrauding homeowners, banks and Fannie Mae. So reports local KFOR.

fraud 2695269 640smallRonald McCord, the former president of First Mortgage Co., pleaded guilty in May to five charges including bank fraud, money laundering, and false statements to a financial institution.

The indictment, filed last year, accused McCord of defrauding Spirit Bank and Citizens State Bank.

Read the full article from KFOR.

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