The offenders were found guilty of fraud over $5,000 relating to syndicated mortgage loans for two construction projects, resulting in a loss of over $24.4 million to nearly 800 investors.
The court found the magnitude, complexity, and duration of the fraud to be significant aggravating factors, while the offenders' lack of prior records and community support were mitigating.
Emphasizing general deterrence and denunciation for large-scale commercial fraud, the court sentenced each offender to 5 years in penitentiary, a $12.2 million fine in lieu of forfeiture, and a 10-year prohibition order.
