AKRON, Ohio - An Akron man was sentenced to more than three years in prison and ordered to pay more than $15 million in restitution for his role in a mortgage fraud scheme in Florida and a separate scheme to defraud two elderly investors.
Andrew Norman, 36, previously admitted to participating in the two schemes and did not report his income, U.S. attorneys said.
Ultimately, mortgage payments on the loans weren't made, resulting in a $13.1 million loss to the banks, according to court documents.
In the second scheme, Norman and others conspired to defraud two elderly people by selling them a Florida property for $7 million.
Two co-defendants have pleaded guilty to related crimes and are awaiting sentencing.
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