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VOL. 128 | NO. 149 | Thursday, August 01, 2013

Tennessee, Mississippi Men Imprisoned in Real Estate Scam

AP

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MEMPHIS (AP) – Men from Tennessee and Mississippi have been sentenced to prison in what federal authorities called a real estate flipping scheme.

A U.S. District Court judge in Memphis this week handed prison terms of 33 months to 43-year-old Michael Pinkney of Cordova and 50-year-old Alan R. Price of Olive Branch, Miss.

U.S. Attorney Edward L. Stanton III said Pinkney conspired with Price to recruit nominee buyers of foreclosed properties, refinance them and submit fraudulent documents to mortgage finance companies. Pinkney owned Capital Mortgage and Peanut Construction Company and Price was a registered property appraiser.

The government said loan funding companies lost nearly $1,284,000, which Pinkney and Price must repay.

Both men pleaded guilty in mid-April to one count of conspiracy to commit wire fraud and one count of wire fraud.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 349 15,066
MORTGAGES 111 449 19,779
FORECLOSURE NOTICES 0 58 3,853
BUILDING PERMITS 0 512 35,842
BANKRUPTCIES 62 309 14,343
BUSINESS LICENSES 18 138 5,129
UTILITY CONNECTIONS 69 385 21,817
MARRIAGE LICENSES 13 106 4,663

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