HOUSTON -- A Houston-area man has been sentenced to seven years in prison and must repay more than $16 million in a condominium loan scam.
A federal judge in Houston on Monday sentenced 45-year-old Derwin Frazier and his 44-year-old wife, Veronica, of Pearland in the sham sales of Kirby Lofts.
Derwin Frazier earlier pleaded guilty to conspiracy to commit money laundering. Veronica Frazier pleaded guilty to conspiracy to commit wire fraud and she was sentenced to a year and a day in prison. She also must pay nearly $322,000 in restitution.
Prosecutors say the couple defrauded residential lenders.
Investigators say Derwin Frazier recruited people to apply for loans using false information and documents. The couple then submitted invoices for payment from the bogusly secured loans and split the money with the borrowers.