MORTGAGE FRAUD: Federal Prison For Granger Man
A Granger man has been sentenced to more than seven years in federal prison in connection with a mortgage fraud scheme.
Forty-three-year-old Paul Kramer was sentenced Monday on wire fraud, bank fraud, and conspiracy charges.
Officials say from 2006 through 2009 Kramer used his mortgage company and real estate closing company to defraud lenders out of more than $1 million. He and other partners submitted 13 fraudulent loan applications on the name of Shannon Flickinger, one of the partners, to obtain money for development company LDF.
Kramer closed the fraudulent transactions using his business, Iowa Closings and Escrow.
The scheme was revealed after LDF was unable to keep up with the loans on the properties and they were foreclosed on.
Kramer must serve the full 90 months of his prison term and five years of supervised release following the completion of his prison sentence.