NEW ORLEANS -
A Folsom woman has been sentenced to one year in prison for her role in an illegal "house flipping" scheme.
Federal prosecutors say 48-year-old Michelle Cochrane was an underwriter at Citywide Mortgage when she participated in the scheme.
Another defendant, Calvin Davis, was accused of purchasing properties and arranging for "straw buyers" to buy them for amounts inflated by fraudulent appraisals. Cochrane allegedly approved fraudulent applications for the straw buyers to secure federally insured loans.
U.S. District Judge Carl Barbier on Wednesday ordered Cochrane to pay $95,000 in restitution.
Davis was previously sentenced to 40 months in prison for his role in the scheme.
Federal prosecutors say 48-year-old Michelle Cochrane was an underwriter at Citywide Mortgage when she participated in the scheme.
Another defendant, Calvin Davis, was accused of purchasing properties and arranging for "straw buyers" to buy them for amounts inflated by fraudulent appraisals. Cochrane allegedly approved fraudulent applications for the straw buyers to secure federally insured loans.
U.S. District Judge Carl Barbier on Wednesday ordered Cochrane to pay $95,000 in restitution.
Davis was previously sentenced to 40 months in prison for his role in the scheme.
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