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Mass. man jailed in mortgage fraud scheme

January 20, 2011

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BOSTON—A suspended attorney has been sentenced to 12 years in federal prison for leading a group that defrauded 10 mortgage lenders of more than $10.6 million in Massachusetts.

Eric Levine of Brookline was sentenced Thursday for conspiracy, wire fraud and money laundering.

Federal prosecutors say the 58-year-old and 10 others submitted false information on mortgage loan applications from May 2005 to December 2006 and made at least $1.7 million through the scheme.

Prosecutors say the group recruited straw borrowers and then obtained loans higher than the purchase prices of properties. They pocketed the difference between the actual purchase price and the loan amount.

The group fraudulently bought and sold 21 properties, including those in Boston, Cohasset, Quincy and Brockton.

Four other defendants were convicted, five others pleaded guilty before trial and one is awaiting trial.