CAMDEN, N.J. (AP) - A New Jersey man involved in a mortgage fraud scheme that caused $2.7 million in losses has been sentenced to more than four years in federal prison.
Federal prosecutors say Pierre Chainey received a 54-month sentence on Friday. The sentence was made public Monday.
The 42-year-old Tabernacle man will also have to pay restitution, but that amount has not yet been determined. He had pleaded guilty to conspiracy to commit wire fraud and money laundering.
Chainey had established a Northfield-based mortgage brokerage company in 2005 and served as its chief executive officer. Prosecutors say that from November 2005 through at least January 2008, he conspired with others to profit from the sale and purchase of properties in New Jersey by obtaining mortgage loans for unqualified borrowers by using fraudulent documents.
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