KANSAS CITY, Mo. (AP) - A Lee's Summit man was sentenced to four years in federal prison without parole for his role in large mortgage fraud scheme.
Federal prosecutors say 68-year-old Albert William Roberts III was sentenced Friday for four counts of wire fraud and ordered to pay nearly $2 million in restitution.
Prosecutors say Roberts, a retired Kansas City school teacher, obtained $3.7 million from mortgage lenders and title companies from 2002 to 2007. The money was to be used to buy a dozen properties from Penrod Homes, Inc.
Evidence during his trial indicated Roberts' fraud included 12 mortgage loans, although he was found guilty of only two transactions. Roberts obtained the 12 mortgage loans by false and fraudulent representations. He received $807,203 in kickbacks that were not disclosed to the lenders.