Guy convicted in Las Vegas home loan fraud case

Monday, Aug. 3, 2015|10:20 p.m.

. An Arizona guy whose earlier conviction was tossed was found guilty once more in a mortgage fraud plan that cost loan providers about $25 million, Nevada’s U.S. Lawyer Daniel G. Bodgen announced Monday.

Brett Depue, 42, of Gilbert, Ariz., was convicted Monday of conspiracy to dedicate mail, bank and wire scams, and 7 counts of wire scams.

In 2012, Depue was convicted on home mortgage scams charges and sentenced to 22 years in prison. But he appealed and the case was overturned by the 9th U.S. Circuit Court of Appeals, which bought a brand-new trial. After Monday’s decision, Depue was remanded to custody and will be sentenced Nov. 9.

From 2005 to 2007, Depue ran a number of investment businesses in Las Vegas in which he conspired with others to defraud federally insured banks by recruiting straw buyers– generally pals or family members with decent credit history– to purchase houses they had no intention of living in, Bogden said. Depue would then manage the purchased houses, paying the straw purchasers nearly $5,000 to put the properties in their names. The buildings were bought for a price above the asking rate, and the difference was disbursed at near among Depue’s entities.

Using this plan, Depue and his co-conspirators obtained home loan for 110 houses in Las Vegas and Henderson. Your houses entered into foreclosure, and monetary institutions lost an approximated $24 million as an outcome of Depue’s scams, Bogden said.

10 co-conspirators were convicted for their roles in the plan.

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