DES MOINES, Iowa (AP) — A 43-year-old Iowa man has been given 90 months in prison on charges stemming from a fraudulent mortgage scheme.
Authorities say Paul Kramer, of Granger, was sentenced on Monday. He must serve five years of supervised release after he leaves prison.
Federal prosecutors say Granger was convicted of wire and bank fraud and conspiracy for fraudulent transactions that occurred from 2006 through 2009 at his mortgage and real estate closing companies.
Prosecutors say three co-defendants submitted fraudulent documents to obtain mortgages on 13 properties they had acquired and renovated. Prosecutors say Kramer knew the transactions were fraudulent when he closed them at his closing company.
The scheme collapsed when the mortgage payments lagged and lenders foreclosed.
Prosecutors say the three co-defendants already have been sentenced.