Former Prison Officer Convicted of Mortgage Fraud
A former Westchester County corrections officer was convicted on Monday on charges of conspiracy, wire fraud and making false statements to financial institutions.
The officer, Jacques Kelly, will spend 15 months in federal prison and has been given until Sept. 30 to begin his sentence.
Kelly and his co-conspirators collected about $56,000 by buying several multi-family homes and providing their lenders with inflated purchase prices. They made no down payments, and because the purchase prices were less than what they told their lenders, they collected large sums of money at each closing.
All of the mortgages went into default and have cost the lenders about $7 million.
Image via flickr/ Connor Tarter