Tuesday, September 11, 2012

14 year term in huge mortgage fraud case - Sacramento Bee (blog)

By Denny Walsh

Christopher Jared Warren was sentenced Tuesday in Sacramento federal court to 14 years and seven months in prison for his role in the notorious Loomis Wealth Solutions mortgage and investment frauds and for robbing a Florida mortgage lender of $7.4 million.

While Warren spent just a few months with Roseville-based Loomis Wealth Solutions, the deals he did resulted in losses to six major mortgage lenders of almost $12.5 million.

After a protracted hearing and more than a little hesitation, U. S. District Judge John A. Mendez chose to go with the prison term agreed upon in January as part of his plea bargain with the government. He pleaded guilty to identity theft and wire fraud related to cheating lenders out of nearly $20 million..

Warren, 29, has been held in the Nevada County jail since early 2009, when he was arrested after a brief but peripatetic flight from federal authorities. Some of his loot is still missing.

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