May 29, 2007

Read this and then ask yourself how Casey stays out of jail

Also ask yourself - how will the feds fairly prosecute all the mortgage fraudsters? Or will they?


CANTON TOWNSHIP -- A man who told banks he had annual income of more than $1 million when in fact he was earning less than $25,000 on Social Security was sentenced to 56 months in prison in federal court today.

Scott Edward Ashley, 40, of Canton Township, pleaded guilty to mortgage fraud in November.

He admitted to using bogus documents to fraudulently obtain about $3.8 million in loans, the U.S. Attorney's Office said in a news release.

Ashley was also ordered to pay about $1.7 million in restitution.

14 comments:

hurin said...

I like how he was ordered to pay $1.7 mil when his yearly income is $25,000.

Does the judge expect him to win the lottery or something.

gt said...

how much do they make in prison? like $1.37/hr? so he'll make $18412 working 8 hours a day every day for 56 months. that might cover the interest for 2 months

Anonymous said...

Well: he borrowed $3.6 million, so he is still left with $1.9 million after he pays the $1.7 million back.

That was quite worth it!

Too bad he has to pay some time in jail and will have to wait to get out to enjoy the free money....

Anonymous said...

Maybe they should just make him serve in Iraq instead of paying back money he doesn't have.

Anonymous said...

http://www.theday.com/re.aspx?re=4d2fa907-74da-47f2-94e2-dfaa552f18fb

Here is a good one that deserves blogging.

Proves the point that anyone who could fog a mirror got a loan. Starting value around $300k

Anonymous said...

Does the law ever prosecute for lying on credit card applications? I know they could, but I've never read or heard of someone arrested for that, just for identity theft.

Anonymous said...

I think that the industry would probably protect him since he's a good foot soldier who preaches that "you can be super rich" if you buy the right recipe.

Frank@NeverColdCall.com said...

The prisons won't have room for the 200,000 Scottsdale residents who lied on their applications.

www.scottsdale-sucks.com

Anonymous said...

The prisons won't have room for the 200,000 Scottsdale residents who lied on their applications.

That's OK. Phoenix is already halfway there. All ya need is a razor-wire fence and some tweaking shooters.


"Hey illegals: work in our concentration camp, get them amnesty visas! It's our little Baghdad-on-the-I-10"

Anonymous said...

starter values up from 50,000 to 200,000, you to could get paid for sitting on your but until..?............

Keyser Soze said...

Are there no debtor prisons?
Are there no work houses?

Anonymous said...

I think they should bring back debtors prisons just for the housing bubble. Theose people can build the border wall for the next 2-20 years depending on how much fraud they committed

Anonymous said...

age 40? social security?

Peahippo said...

Serin's website contains 90% of the evidence that a prosecutor would need to put him away for a similar sentence. Still, Serin flutters around like a snowflake (note: that's his nickname), free to wander, and certainly entirely free of any constriction by law enforcement officials. If that's not blatant evidence of how little the local prosecutor cares, I don't know what is.

Mortgage Fraud: It Still Pays