DALLAS – A Dallas-area lawyer has been sentenced for his role in a loan fraud scheme that defrauded Prosper Bank out of nearly $500,000.
Jerry Goh, 51, a lawyer with offices in the Dallas-Fort Worth metroplex, pleaded guilty in April 2013 to one count of misprision of a felony.
According to court documents, Goh, who acted as the escrow officer on the loan, concealed from the lender the fraudulent release of $498,720 of loan proceeds to provide funds for a $431,000 down payment.
Goh wired $498,720 of lender Prosper Bank’s funds from an escrow account, knowing that these seller proceeds funds would later be used as the source of borrower Lina Ma’s down payment on her loan from Prosper Bank.
U.S. District Judge David C. Godbey sentenced Goh to seven months in federal prison and ordered him to surrender to the Bureau of Prisons on May 26, 2014, to begin serving that sentence. Goh will also serve the first seven months of a one-year term of supervised release on home confinement.
Goh was also ordered to pay more than $2.1 million in restitution to the victims of the scheme.
The case was prosecuted in connection with the President’s Financial Fraud Enforcement Task Force, which was established to investigate and prosecute financial crimes.
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Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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