New Hampshire Man Sentenced for Mortgage-Related Wire and Mail Fraud

New Hampshire Man Sentenced for Mortgage-Related Wire and Mail Fraud

CONCORD, NH – March 31, 2010 – (RealEstateRama) — United States Attorney John P. Kacavas, Special Agent in Charge of the Federal Bureau of Investigation Warren Bamford, and Postal Inspector in Charge Randy Miskanic announced that Tom Ryder, 27, of Henniker, New Hampshire, was sentenced to 21 months in prison after pleading guilty to four counts of wire fraud and one count of mail fraud relating to a scheme to defraud lenders by acquiring real estate through straw purchasers using false and fictitious information. Ryder was also sentenced to three years of supervised release to begin after he is released from prison. During the term of supervised release, Ryder’s behavior will be monitored by the United States Probation and Pretrial Services office. Ryder was ordered to make restitution in the amount of $296,353.91.

Ryder admitted that he and others submitted loan applications that contained false statements, including, but not limited to statements as to the actual purchase price of the property, the income, assets and employment history of the purported purchasers, and the intent of the purported purchasers to reside at the residences. The indictment further alleges that the defendant and others than skimmed the difference between the real sales price of the property and the sales price submitted to the lender and upon which the lender provided funds. Ryder and the others then divided the proceeds.

This case was investigated by the United States Postal Inspection Service and the Federal Bureau of Investigation.

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