In a shocking display of greed, Kevin Derricott, a 40-year-old resident of Rocklin, California, has been sentenced to 20 months in prison for his role in a scheme to defraud lenders out of millions of dollars.
Derricott was charged on December 15, 2011, by the grand jury with conspiracy to commit bank and wire fraud, in violation of Title 18 USC Section 1349, and bank fraud, in violation of Title 18 USC Section 1344, in connection with a $3.43 million mortgage fraud scheme.
According to the plea agreement, from about February 2006 through December 2008, Derricott conspired with others to submit mortgage applications to various lenders that contained materially false information about the borrower-applicants, such as inflated salary figures, inflated assets claims, or false employment information, in order to trick the lenders into making loans.
Derricott also recruited borrower-applicants, procured false supporting documentation for loan applications, and submitted fraudulent loan applications to lenders in exchange for a portion of the fraudulent proceeds.
The Honorable William H. Alsup, U.S. District Court Judge, imposed the sentence, ordering Derricott to serve 3 years of supervised release following his imprisonment, with the special condition of 16 months’ home confinement, and ordered him to pay restitution of $3.43 million.
Kathryn Haun is the Assistant U.S. Attorney who is prosecuting the case with the assistance of Daniel Charlier-Smith. The prosecution is the result of an investigation by the FBI and IRS-CI.
Derricott’s conviction serves as a stark reminder of the devastating consequences of mortgage fraud. It is a crime that not only affects individuals but also has far-reaching impacts on the economy and communities.
Related Federal Cases
- Aramais Airapetian, Mortgage Fraud, California 2023 · Colorado
- Dorothy Matsuba, Mortgage Relief Fraud, California 2005 · Colorado
- Amy Evangelista, Tax Return Fraud, California 2023 · California
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- Nazaret Chakrian, ID Theft and Wire Fraud, California 2023 · Idaho
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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