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| More Penalties for Convicted Originator
Marlon Terrell Pratt faces new fine in addition to prison sentence
May 13, 2011
By MARK SOMMERHAUSER St. Cloud Times - McClatchy-Tribune Information Services
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A former loan originator who has already been sentenced to a decade in prison for mortgage fraud crimes that cost lenders more than $650,000 has been hit with additional penalties from the the State of Minnesota.
Marlon Terrell Pratt, a former loan officer from St. Cloud, faces a $70,000 fine and other civil penalties for committing mortgage fraud, the Minnesota Department of Commerce announced Thursday.
Pratt, 36, also is banned from servicing mortgages or loans in Minnesota, the department said.
The penalties come in addition to a $500,000 fine and a 10-year prison sentence Pratt previously was given for other mortgage-related violations.
The new penalties announced Thursday are for at least seven transactions in which Pratt committed mortgage fraud, and in which lenders suffered losses in excess of $650,000, according to the department.
That stems from when Pratt worked as a loan officer for Brooklyn Center-based Universal Mortgage Inc. from 2003 to 2007.
A jury in 2009 found Pratt guilty of 17 counts of felony theft by swindle and two counts of felony racketeering, according to the Commerce Department.
The department says Pratt engaged in a pattern of mortgage fraud by misleading lenders on the purchase price of at least 17 properties. Pratt fraudulently obtained loans that resulted in illegal kickbacks of more than $693,000 to him.
Banning Spratt from servicing mortgages or loans in the state "will help promote a healthy mortgage industry and protect our consumers," Commerce commissioner Mike Rothman said in the release.
The Department of Commerce regulates the state's financial, insurance and real estate industries. |
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Copyright (c) 2011, St. Cloud Times, Minn. |
Distributed by McClatchy-Tribune Information Services.
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| This story was distributed by MCT - McClatchy-Tribune Information Services
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