A man accused in mortgage-fraud scheme was sentenced to more than a year in federal prison.
Mariano Vincente Cano was sentenced in federal court in Tucson by U.S. District Judge David C. Bury to 14 months in prison and ordered to pay $350,000 in restitution after pleading guilty to conspiracy to commit wire fraud.
Cano was the eleventh defendant indicted in connection with a mortgage fraud investigation.
According to the plea agreement, Cano and other co-conspirators, recruited or assisted in recruiting straw buyers to purchase real estate to obtain cash back at closing for each of the loans.
Cano admitted that he and others submitted fraudulent loan applications or other documents to various lenders in order qualify the straw buyers for financing, according to an IRS news release.