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A man has been sentenced to nine years in federal prison for his role in a mortgage scam that caused $6 million dollars in losses to almost 400 victims. So reports SiliconValley.com.
Adolfo Schoneke of Torrance, Calif., and co-conspirators ran businesses that would accept multiple offers for properties that were not actually for sale, sometimes by tricking homeowners into allowing them to use their homes for open houses, according to the U.S. Attorney’s Office.
Schoneke pleaded guilty earlier this year to one count of conspiracy to commit wire fraud.
