Middlesex County resident Delio Coutinho, 73, has been sentenced to 36 months in prison for his part in a mortgage fraud scheme that caused millions of dollars in losses, U.S. Attorney Paul J. Fishman said in a news release.
Coutinho, who pleaded guilty before U.S. District Judge Susan D. Wigenton to conspiracy to commit wire fraud, admitted conspiring with others to release liens on properties by conducting fraudulent short sales. Following the short sales, which included submitting false income, loan and closing documents to the lenders, Coutinho and other then submitted new fraudulent loan documents in order to obtain about $2 million in illegal proceeds from subsequent lenders.
Judge Wigenton also ordered Delio Coutinho to serve three years of supervised release and pay more than $1.3 million in restitution.
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