MORTGAGE FRAUD: Altoona Man Sentenced
A former Urbandale property developer will serve time behind bars for mortgage fraud.
A federal judge sentenced 38-year-old Lane Anderson of Altoona to 4 years in jail followed by 5 years probation for his work in a scheme to defraud lenders.
According to court documents Anderson owned LDF Development along with Shannon Flickinger and Dave Mable. Together they purchased, renovated, and resold residential properties. When their company needed additional money to operate, but could not obtain loans, the trio submitted 13 fraudulent loan applications in Flickinger’s name even though the money was for LDF.
For his part in the scheme, Anderson knowingly falsified Flickinger’s income and liabilities on the documents. Once the applications were approved a fourth co-defendant Paul Kramer knowingly closed the fraudulent transactions at his business, Iowa Closings and Escrow.
LDF was unable to keep up with mortgage payments on the loans and all 13 properties were foreclosed on, costing more than $600,000 in losses to the lenders.
Mable and Flickinger previously pled guilty. Kramer will be sentenced in April.