ST. LOUIS (CN) - A real estate broker was sentenced Thursday to three years in federal prison for a multimillion-dollar real estate scam.
Jerrick Hawkins, 28, also was ordered to pay $2.4 million in restitution.
He guilty in January to multiple fraud charges, the U.S. Attorney's Office said.
Hawkins recruited people to apply for conventional and FHA loans to buy properties in the St. Louis area.
He admitted he told borrowers to falsify loan applications, using fake pay stubs, W-2s, gift letters and verification of employment. He verified the false documents himself or directed others to verify them and took kickbacks for it from third parties.
Most of the loans went into default, causing the federal government and financial institutions more than $2 million.
Hawkins pleaded guilty to one felony count of bank fraud and two felony counts of making false statements.
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