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ANCHORAGE - The man who federal prosecutors say was behind Alaska's largest mortgage fraud has been sentenced to nearly six years in prison.
Lance Lockard, 34, was sentenced Friday to five years, 10 months and ordered to pay $2.5 million in restitution for defrauding mortgage lenders. He was the last of eight people and one business to be sentenced in a fraud that involved agents, buyers, sellers, appraisers, and mortgage and title companies.
The conspiracy from 2003 to 2006 involved purchasing and selling dozens of houses at inflated values using bogus checks and bloated appraisals. According to prosecutors, the conspirators created at least 20 foreclosures and defrauded 13 banks and mortgage companies of roughly $1.7 million.
The eight people and a business were convicted on 64 counts of conspiracy, wire fraud, bank fraud and false statements to a financial institution.
Lockard was an Anchorage real estate broker and real estate investor. He pleaded guilty to 12 counts, including conspiracy, bank fraud and false statements.
The charges in the indictment outlined five schemes in the conspiracy. The schemes involved houses in Anchorage and two large, undeveloped properties near Talkeetna.
Lockard and his co-defendants arranged to purchase and sell real estate and to obtain mortgage loans for the purchase and sale of the real estate through fraudulent schemes, prosecutors said.
The schemes relied on false statements, inflated appraisals, falsified down payments, hidden cash-back payments and other improper practices that concealed the true details of the financial transactions from the mortgage lenders involved, prosecutors said.
Their fraud transferred investment risk to the mortgage lenders and provided inflated profit and loans to Lockard and other co-conspirators.
Besides Lockard, the others convicted were:
Charles Carlson, 74, a real estate appraiser from Anchorage, sentenced in July to 24 months in prison and $2.36 million in restitution.
Don Murray, 35, a real estate agent from Anchorage, sentenced in May to 21 months and $493,869 in restitution.
Holli Stroud, 30, a title company loan closer from Chugiak, sentenced in June to 18 months and $403,744 in restitution.
Keith Facer, 41, a real estate agent from Anchorage, sentenced in May to 16 months and $221,065 in restitution.
Jonathan Ruf, 33, a building and real estate investor from Anchorage, sentenced in May to 12 months and one day, plus $1.066 million in restitution.
Cerise Sanders, 31, a loan originator from Anchorage, sentenced in May to 12 months plus one day in prison.
Gary Paterna, 62, Lockard's father-in-law, of Anchorage. sentenced in May to three days in jail and $1.16 million in restitution.
Alaska State Mortgage Co. Inc. of Anchorage. The company in May was fined $91,479.