Ex-Fannie Mae Sales Rep Sent to Jail Over Kickbacks

A former Fannie Mae sales representative in Southern California has received a sentence of more than six years in prison for a property kickback scheme, according to federal prosecutors. So reports the Associated Press.

Shirene Hernandez, 47, organized reduced-priced sales of Fannie Mae-owned properties to real estate brokers and herself—and got cash payments in return, the U.S. Justice Department said.

Hernandez will also have to pay $982,516 in restitution to Fannie Mae for the scheme, which allegedly led to more than $120 million in sales and more than $3 million in ill-gotten broker commissions. In 2019, Hernandez was found guilty of two counts of wire fraud.

Read the full article from The Associated Press

Related Content

Florida Lawyer Indicted for Defrauding Fannie Mae, Much More

Digital Mortgage Platforms Raise Funds As COVID-19 Rocks Industry

Bodnar of MMG on Stocks, Continuing Claims and Loan Sizes

click me