Former real estate president sentenced to 5 years

by Justin da Rosa29 Oct 2015
The ex-president of a real estate company was sentenced to five years in prison for mortgage fraud, despite his defense arguing leniency should be granted on the grounds he is a former Navy SEAL.

Cary McEntee received the maximum sentence of five years in federal prison for his alleged role in $2.5 million mortgage fraud. He was also ordered to pay full restitution.

McEntee’s alleged fraud came to light during an investigation by publication Virginia-Pilot. That investigation discovered his company, CM Development, owned over 250 properties in 2007 – over half of which had been left vacant and dilapidating. McEntee allegedly resold them to investors; the sales allowed him to purchase a million-dollar home in Virginia Beach, according to the Virginia Pilot.

The FBI launched an investigation following that initial report and criminal charges were filed in April.

According to court documents, McEntee secured fraudulent loans between 2005 and 2007. He allegedly paid fake buyers to pretend to purchase properties and sign the mortgage documents and the proceeds from the loans were then used to pay the individuals involved.

Lenders issued over $4 million in loans and incurred losses of around $2.5 million due to the scheme.

McEntee’s lawyer, Sharon Turek, asked for leniency in the case in consideration of his military service.

McEntee served in the 1980s and enlisted in the Army Reserves in 2009, when he was deployed to Iraq.
 
"While in Iraq, he conducted daily combat operations against Al Qaida insurgents, faced nightly rocket and mortar fire, conducted search and destroy operations and interrogated Al Qaida suspects," she told the courts, according to the Pilot.

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