Local & Regional
Tue December 20, 2011
Oklahoma City, OK – US appeals court upholds home-sales fraud sentence
OKLAHOMA CITY (AP) A federal appeals court has upheld a Broken Arrow home builder's seven-and-a-half year sentence for wire fraud concerning false loan applications for customers buying houses he built.
The 10th U.S. Circuit Court of Appeals handed down the decision Monday in the case of 69-year-old Gerald Wayne Snow Sr. The court's ruling says Snow pleaded guilty to one count of conspiracy to commit wire fraud and four counts of wire fraud.
Authorities say Snow persuaded customers to buy homes by promising to make down payments and pay closing costs and provide cash back.
The indictment says Snow then conspired to submit loan applications that falsely stated the source of down payments and closing costs, inflated the costs of the homes and concealed the cash-back payments.