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Mortgage Swindler Sentenced to 57 Months in Prison
A disbarred Illinois lawyer has been sentenced to more than four years in federal prison for her role in a mortgage fraud scheme that bilked lenders and vulnerable homeowners out of $725,000.
A federal jury last year convicted Avalon Betts-Gaston, 47, of Naperville, on two counts of wire fraud. In addition to the 57-month prison term, U.S. District Judge Charles R. Norgle yesterday ordered Betts-Gaston to pay $239,550.48 in restitution.
The scheme, which involved IJCN Investments based in Chicago Ridge, targeted vulnerable homeowners who were struggling to keep their homes. Betts-Gaston and her co-defendant, Dimona Ross, a licensed real estate loan officer, arranged for the submission of materially false information on mortgage loan documents in four Cook County real estate transactions.
The pair submitted false applications for mortgage loans, eradicated the homeowners’ legal rights in their properties, and obtained all of the homeowners’ equity. Betts-Gaston and Ross received fees for the deals, and the straw buyers were paid thousands of dollars.
Betts-Gaston graduated from law school and was admitted to the Illinois bar in 2000. Ross pleaded guilty to one count of wire fraud and is scheduled to be sentenced by Judge Norgle on May 11, 2016.
The sentencing was announced by Zachary T. Fardon, United States Attorney for the Northern District of Illinois; and Michael J. Anderson, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation.
The case highlights the dangers of mortgage fraud and the importance of protecting vulnerable homeowners. The government is represented by Stephen Chahn Lee and Timothy Storino.
Key Facts
- State: Illinois
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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