7-1/2 year sentence in fed home-sales fraud case - BusinessWeek

7-1/2 year sentence in fed home-sales fraud case - BusinessWeek: "Broken Arrow home builder has been sentenced to 7 1/2 years in prison for wire fraud involving false loan applications for customers buying houses he had built.
A news release Thursday said Gerald Wayne Snow Sr., 68, was also ordered to serve 3 years of supervised release after his stay in prison, to pay restitution of $124,396 and to forfeit $2,560,398 to the federal government.
The release said Snow was convicted of conspiracy to commit wire fraud and five counts of wire fraud.
Snow and his son were accused of inducing customers to buy homes by promising that the Snows would make down payments and pay closing costs, as well as providing cash back. The indictment charging Snow said he then conspired to submit loan applications falsely stating the source of down payments and closing costs, inflating the costs of the homes and concealing the cash-back payments."