The office of U. S. Attorney Preet Bharara in New York announced yesterday that Micah Meyers, the former manager of Bridgewater Funding, a New York-based mortgage brokerage firm, was sentenced to 60 months in prison after pleading guilty to his role in a sub-prime mortgage scheme involving residential mortgages totaling more than $10 million, according to a article in today's edition of therealdeal.com by Katherine Clarke.
From 2005 to 2007, Micah Meyers submitted false or misleading applications and supporting documentation through his company for home mortgages that would have otherwise not been approved, the article said.
"He identified troubled or easily-resalable properties for sale in New York City and Long Island and recruited friends and family to act as 'straw buyers' in exchange for a fee. The buyers would then hand control of the properties over to Meyers once the transactions were complete. Meyers often failed to make payments as promised, causing straw buyers to default." The article said.
Meyers pleaded guilty to one count of conspiracy to commit bank and wire fraud in May 2010. In addition to 60 months in prison, he was sentenced to three years supervised release and has been issued a fine of $1 million, the article said.
From 2005 to 2007, Micah Meyers submitted false or misleading applications and supporting documentation through his company for home mortgages that would have otherwise not been approved, the article said.
"He identified troubled or easily-resalable properties for sale in New York City and Long Island and recruited friends and family to act as 'straw buyers' in exchange for a fee. The buyers would then hand control of the properties over to Meyers once the transactions were complete. Meyers often failed to make payments as promised, causing straw buyers to default." The article said.
Meyers pleaded guilty to one count of conspiracy to commit bank and wire fraud in May 2010. In addition to 60 months in prison, he was sentenced to three years supervised release and has been issued a fine of $1 million, the article said.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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