Terrence Matthew Brown and his co-conspirators obtained $1.7 million in mortgage loans to buy 10 separate properties in the Kansas City area, according to the Kansas City Business Journal. In order to obtain the loans, Brown and his co-conspirators lied about his income, assets and intent to occupy the properties.
The purchases were also structured so that Brown received $200,000 in illegal kickbacks.
All the loans went into default, and all 10 properties ensded up in foreclosure, the Business Journal reported.
The jury deliberated for about 90 minutes before returning a guilty verdict, according to the Business Journal. Brown was found guilty of five counts of wire fraud and one count of conspiracy to commit wire fraud.
Brown could face up to 120 years in prison and a fine of up to $1.5 million, plus restitution.
A Kansas man has been convicted for his role in a $2.7 million mortgage fraud conspiracy.