A former Tucson loan officer was sentenced Monday to 1 1/2 years in prison for wire fraud and transactional money laundering.
Rex Adams, 54, pleaded guilty to the two charges on Jan. 7.
Adams submitted loan applications with false information for a $268,000 loan to buy a home in Tucson.
Adams lied about the home being his primary residence, submitted a false lease agreement for a tenant intending to rent his current home, lied about the down payment of the home, inflated the purchase price of the home and did not disclose that he received more than $12,000 back from the loan from the seller, according to a news release from the U.S. Attorney's Office in Arizona.
Adams also agreed to pay restitution as part of the plea agreement. The amount has not yet been determined.
Adams was sentenced by U.S. District Judge David C. Bury.
Veronica M. Cruz
Law & Order