US broker defrauds lenders of $1.7mill

Staff Reporter Wednesday, 26 Aug 2009 1 minute read

In the largest case of mortgage fraud ever to be recorded in the State of Alaska, eight people will serve time in jail for successfully defrauding 13 mortgage lenders of close to two million dollars.

Lance Lockard, the 36 year old ring leader, was this week sentenced to six years in prison for his role in the fraud.

According to the US court where the trial was heard, Mr Lockard would buy a property at a very low rate, get an appraiser to say the property was worth substantially more and then get the banks to provide 100 per cent financing.

In the three year scam, Mr Lockard worked alongside several real estate agents, an investor, an appraiser, a loan originator and a closer and pocketed $1.7 million in profits.

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