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Greensboro Man Sentenced on Mortgage Fraud in South Carolina
Florence, South Carolina – Michael Lane Prevette, a Greensboro, North Carolina resident, has been sentenced to 42 months imprisonment for his role in a mortgage fraud scheme that affected the Myrtle Beach area.
According to United States Attorney Beth Drake, Prevette was involved in a conspiracy that misled mortgage lenders by submitting fraudulent loan packages, which included inflated real estate appraisals prepared at his direction. Prevette pleaded guilty to count one of an indictment, which charged Conspiracy to Commit Application Fraud, in violation of Title 18, United States Code, Section 371, in October 2016.
After completing his term of imprisonment, Prevette will be on federal supervised release for 3 years and has been ordered to pay $886,749.02 in restitution. United States District Judge R. Bryan Harwell of Florence imposed the sentence.
The case was investigated by the FBI, with Assistant United States Attorney John C. Potterfield of the Columbia United States Attorney’s Office prosecuting the case. Potterfield can be contacted at (803) 929-3000 for further information.
Prevette’s scheme has left a trail of financial devastation in its wake, and those affected by the mortgage fraud scheme can expect to see some justice served with this sentencing. The FBI’s diligent work in bringing Prevette to justice is a testament to their commitment to combating white-collar crime.
As the Grimy Times continues to investigate this matter further, we will provide updates on any new developments in the case. For now, it is clear that Michael Lane Prevette has been held accountable for his role in the mortgage fraud scheme.
The Grimy Times will continue to follow this story and provide updates as more information becomes available.
Key Facts
- State: South Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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