KANSAS CITY, Mo. (AP) - Two Los Angeles deputies have been convicted in a Kansas City-area mortgage fraud scheme.
The U.S. attorney's office announced Friday that 43-year-old James Arthur Nash Jr. and 37-year-old Arman Nshanian have been found guilty of multiple charges, including conspiracy to commit wire fraud. The Corona, Calif., men are among nine defendants.
Prosecutors said that in 2005 and 2006, lenders made about $11 million in loans on 16 residential properties in several Missouri cities, with buyers receiving about $2 million from the loan proceeds. The scheme resulted in a financial loss to mortgage lenders of nearly $5 million.
Prosecutors said Nash fraudulently purchased two residential properties in Blue Springs and received $100,000 from each property. Nshanian fraudulently purchased a residential property in Lee's Summit and received $100,000.