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Mortgage broker gets 20 years in fraud scheme

U.S. District Judge Robert Doumar sentenced a former Newport News mortgage broker to 20 years in prison for running a mortgage fraud scheme out of his house.

According to the Daily Press, Richard N. Garries had been found guilty of 24 charges, including wire fraud, mail fraud, money laundering, making false statements and concealing transactions.

According to prosecutors, Garries’ scheme involved inflating income and bank account balances on loan applications, forging signatures on these documents, then using the commissions he earned off the loans for personal spending.

Garries, who had a prior felony conviction for federal wire fraud, was on probation when he committed the crimes.

In addition to his prison sentence, Garries was also ordered to pay $900,000 in restitution.

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