Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Tuesday, May 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

SoCal Mortgage Man|Sentenced to 3½ Years

SAN DIEGO (CN) - The boss of a San Diego mortgage company was sentenced Monday to 3½ years in federal prison for wire fraud and tax evasion.

Brian Nels Peterson, of San Diego, originated $80 million to $100 million in mortgage loans through his company, Terra Finance, the U.S. Attorney's Office said in a statement announcing his sentence.

He admitted falsifying borrowers' incomes and other statements on mortgage documents. He heisted his swag before the real estate market crashed.

"Peterson earned over $1 million from his fraudulent loan business through broker's fees, kickbacks from cash-out refinances, and other sources in 2006 alone," the U.S. attorney said. "He admitted that he failed to report his over $1 million income in 2006, and that he evaded paying taxes by arranging to be paid in cash, and other means."

Peterson was sentenced to 41 months in prison, fined $50,000, and ordered to pay $542,075 in restitution to Citi Mortgage.

Twenty-five people have been charged in the case and 13 have pleaded guilty, the U.S. attorney said. One of the 12 remaining defendants is a fugitive.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...