Mike Madriaga 9:30 a.m., Nov. 23
Mastermind of $100 million mortgage scam gets 8 years
Her former boyfriend got less than half that Friday
Former San Diegan Mary Armstrong, mastermind of a $100 million mortgage scam that generated almost $15 million in kickbacks, was sentenced today (Sept. 30) to 100 months in prison. Her former boyfriend, William Fountain, Friday got 42 months.
Armstrong, Fountain, and co-conspirators recruited phony real estate investors and promised to make their mortgage payments. Then Armstrong falsified loan applications for the straw buyers, claiming exorbitant incomes, fake employers and sham companies. She and her assistants got mortgages that were 100% financed. She made few if any mortgage payments and the properties went into foreclosure. She and her cohorts inflated purchase prices of properties by claiming improvements had been made; they had not been. She raked in fat commissions.
More like this:
- Real estate scammers sentenced to prison — Jan. 7, 2014
- Three Charged in Mortgage Loan Origination, Kickback Scheme — July 12, 2012
- Captain Money and the Golden Girl — June 2, 2005
- Who Is This Woman? What Do We Know About Her? — June 27, 2002
- I Have More Money Than I Could Possibly Spend in Our Lifetimes — April 18, 2002