Federal Sentence in Mortgage Fraud Scheme

thumb_1ddb15f2e8ba58bThe co-owner of company involved in a multi-million dollar mortgage investment scheme in southwest Missouri and northwest Arkansas is sentenced in federal court.

Forty-one-year-old Eric Gagnepain of Nixa, co-owner of Greenleaf Companies, is sentenced to 4 years in federal prison without parole, and ordered to pay nearly 3-million dollars in restitution.

Gagnepain pleaded guilty to conspiracy to commit bank fraud over a two year period ending in May of 2008. Gagnepain admitted he aided and abetted others in the submission of fraudulent mortgage loan documents.

Greenleaf Companies sponsored real estate investment seminars designed to recruit potential investors to apply for mortgage loans for the construction and sale of residential homes in the area. According to federal prosecutors, the mortgage loan documents contained false statements regarding the true source of monies provided at the time of closing, as well as fraudulently omitting the payment of monies obtained from the sale of real estate properties.

Gagnepain’s business partner, 47-year-old Scott Dasal of Republic, received a sentence of 3 years in federal prison and an order of restitution after pleading guilty to similar charges last year.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

%d bloggers like this: