Gerald L. Wolfe, 41, an Irvine attorney and former real estate broker, is going to prison for 46 months after being convicted of wire fraud in a mortgage fraud scam. He also must provide $7.5 million in restitution to the banks from which he stole the funds.
Wolfe and his alleged co-conspirators purchase 30 homes in Orange and Riverside counties between 2005 and 2006 by using straw buyers, then falsifying loan applications (loan fraud, mortgage fraud). According to Assistant U.S. Attorney Brett Sagel, Wolfe received $25 million in property that was funded by the lenders, with none of his own money, and received $2.2 million back in cash.
Read the original article in the OC Register.