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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 This material may not be published, broadcast, rewritten or redistributed.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 86 239 1,949
MORTGAGES 87 320 2,448
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 187 809 4,214
BANKRUPTCIES 57 236 1,722
BUSINESS LICENSES 0 75 692
UTILITY CONNECTIONS 61 338 2,293
MARRIAGE LICENSES 23 73 328

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