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Thursday, July 14, 2011

Virginia real estate agent sentenced for fraud

Virginia real estate agent sentenced for fraud

A Richmond, Va. real estate agent and investor has been sentenced to four years and three months in prison for a $2.4 million mortgage fraud scheme.

Jodi D. Robinson's sentence was at the low end of the federal guideline range of 51 months to 63 months. She also was ordered Wednesday to pay about $1.1 million in restitution.

Robinson pleaded guilty to a single count of mail fraud in April. In her plea agreement, Robinson admitted obtaining 16 fraudulent real estate loans over a five-year period.

Robinson, the owner of Citicorp Investments, misrepresented the creditworthiness of borrowers, used straw parties on loan applications and defrauded the federal Section 8 rental voucher program. The government says five financial institutions and six mortgage insurance companies were victims of Robinson's scheme.

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