3 Oregon men sentenced for Vancouver mortgage scheme
Originally published October 18, 2011 at 1:34 p.m., updated October 18, 2011 at 8:26 p.m.
Three Oregon men were handed prison sentences in federal court in Portland for their roles in a Vancouver-based mortgage brokerage service scheme.
Chadwick Amsden, 32, was sentenced Tuesday by Judge Robert Jones to 27 months in prison and five years of supervised release. Joel Rosabal, 32, was sentenced Oct. 5 to 33 months in prison and five years of supervised release. Adam Perkins, 37, was sentenced Sept. 19 by Judge Ancer Haggerty to 21 months in prison and ordered to pay more than $1.2 million in restitution.
The defendants did business as Lighthouse Financial Group in Vancouver, and Amsden and Rosabal were principals of a Washington corporation they called Cash Money Brothers Financial Group Inc., according to the U.S. Attorney’s Office in Portland.
The case involved a large conspiracy involving the purchases of more than 20 properties that ripped off more than 10 lenders, federal prosecutors said. The defendants typically applied for loans for buyers who later obtained title to the properties. But the defendants inflated the sales prices in their fraudulent loan applications to cover their kickbacks.
The kickbacks to Amsden ranged from $9,800 to $84,255, according to the U.S. Attorney’s Office. Perkins’ kickbacks ranged from $30,000 to $65,000.
The loss to lenders from the defendants’ scheme was more than $3.8 million.