San Diego mortgage company head sentenced over fraud

by Adam Smith17 Dec 2013
The head of a San Diego mortgage company has been sentence in a case that saw 26 of the company's workers indicted.

U.S. Attorney Laura E. Duffy has announced that Brian Nels Peterson, head of Terra Finance in San Diego, has been sentenced to 41 months in prison and ordered to pay more than $500,000 in restitution, The Sacramento Bee has reported.

Peterson was sentenced for creating millions of dollars in fraudulent mortgage applications between 2005 and 2007, allegedly earning over $1m in 2006 alone from fraudulent business through brokers' fees, kickbacks and other sources. Terra Finance generated between - money which Peterson failed to report to the IRS, The Sacramento Bee reported.


Should CFPB have more supervision over credit agencies?