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Lynda Sanabria, a banker for J.P. Morgan Chase, was sentenced today (June 1) to six months in prison followed by six months of home confinement. She had taken hundreds of thousands of dollars' worth of bribes for selling mortgage loans to favored customers in the secondary mortgage market.

Israel Hechter of mortgage investment firms Ocean 18 and Note Tracker paid Sanabria $300 per loan; in return, she would provide information about competitors' bids. That added up to $210,000 during the 2004-2010 period she was taking the bribes. In 2008, Sanabria stopped paying taxes on the loot she was receiving, so she has been ordered to pay more than $40,000 to the Internal Revenue Service.

Hechter and other members of his family have pleaded guilty in the scam, which involved employees of GMAC Mortgage and National City Bank. Sanabria is the third defendant to be sentenced.

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Comments

Twister June 1, 2015 @ 9:31 p.m.

What, no fines or restitution? Shouldn't victims be paid double for their trouble?

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Don Bauder June 2, 2015 @ 6:39 a.m.

Twister: Hechter family members were ordered to pay fines and restitution. Israel Hechter won't be sentenced until Aug 3. Best, Don Bauder

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swell June 2, 2015 @ 11:30 a.m.

The problem for them is that they did not work on Wall Street and they did not scam the world for billions of dollars. Only little people get prosecuted and pay taxes.

OTOH they are lucky that they did not steal a loaf of bread at the local Seven Eleven. They'd have got the same sentence and wouldn't have any money to show for it. If they were an ethnic minority the sentence would have doubled. Justice in America ...

1

Don Bauder June 2, 2015 @ 1:59 p.m.

swell: I cannot disagree with your thesis. If you are going to steal, steal big. It's an old truism. Best, Don Bauder

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MURPHYJUNK June 2, 2015 @ 3:24 p.m.

seems the greedy don't go with the "take the money and run" theory

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Don Bauder June 2, 2015 @ 10:12 p.m.

Murphyjunk: They take the money and run to their high-priced lawyers. Best, Don Bauder

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Don Bauder June 2, 2015 @ 2:03 p.m.

Wabbitsd: It sounds like a light sentence to me, too. Best, Don Bauder

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MichaelValentine June 4, 2015 @ 11:59 a.m.

Better light then non existent. One banker in jail, thousands to go.

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Don Bauder June 4, 2015 @ 12:07 p.m.

MichaelValentine: Good point. Best, Don Bauder

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AlexClarke June 3, 2015 @ 6:50 a.m.

All proof that white collar crime does pay.

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Don Bauder June 3, 2015 @ 8:17 a.m.

AlexClarke: We see proof of that several times a day. Best, Don Bauder

1

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