LOUISVILLE, Ky. – A former Orange County, California mortgage lending company owner has been handed a 42-month prison sentence for devising a scheme to defraud National City Bank of $12,744,678 of money under its control.
According to a recent indictment, Brady Bunte, former owner of Trust One Mortgage, submitted fraudulent funding requests for nonexistent mortgage loans.
Bunte was charged in a sealed indictment on September 18, 2014, and arraigned on the charge on September 29, 2014, in U.S. District Court located in Santa Ana, California.
In 2007 and 2008, Bunte owned and operated Trust One Mortgage, a mortgage lender located in Orange County, California. The company funded mortgages by maintaining a warehouse line of credit with various banks, including National City Bank.
As a warehouse lender, National City Bank provided revolving, short-term loans, known as warehouse lines of credit, to mortgage lenders.
The scheme caused National City Bank to incur a loss of $12,744,678.16. Bunte made approximately $2,000,000 in payments to National City Bank, which reduced the restitution owed to $10,689,587.
Bunte was sentenced to 42 months in prison by Chief District Judge Joseph H. McKinley Jr. and ordered to pay restitution in the amount of $10,689,587.
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Key Facts
- State: Kentucky
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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