Brought to you by WBIW News and Network Indiana
Last updated on Saturday, February 28, 2009
(MCCORDSVILLE) - A mortgage fraud scheme lands a McCordsville man in prison for two years.
45-year-old Frederic bowels helped investors obtain fraudulent loans by submitting false financial documents and loan applications.
The loans boat distressed properties in and around Indianapolis at low prices.
Over a two year period, Bowles bought 18 properties with fake loans totaling more than $1 million.
Besides his prison sentence, Bowles was ordered to pay $166,000 in restitution.
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