Judge Sentences Pittsburgh Man to Five Years of Probation with Home Detention for Participating in Mortgage Fraud Scheme

Pittsburgh, PA – February 16, 2010 – (RealEstateRama) — Acting United States Attorney Robert S. Cessar announced today, February 16, 2010, that Jason Jester, a resident of Pittsburgh, Pennsylvania, has been sentenced in federal court in Pittsburgh to five years of probation, including four months of home detention, on his conviction of wire fraud conspiracy in connection with a mortgage fraud scheme.

United States District Judge Donetta Ambrose imposed the sentence on Jester, age 40.

According to information presented to the court by Assistant United States Attorney Brendan T. Conway, Jester, along with Randy Carretta, operated Precision Mortgage, a mortgage broker business that assisted individuals obtain financing to purchase real estate. Jester, along with other members of the conspiracy, obtained financing for individuals to purchase real estate based on material misrepresentations as to the buyers’ financial condition and other misrepresentations. In addition, with the knowledge and assistance of Jester, other members of the conspiracy submitted fraudulent documents to the lenders, including appraisals that overstated the value of the property, and W‑2s, pay stubs and similar documents that overstated the buyer’s income.

Mr. Cessar commended the Mortgage Fraud Task Force for the investigation leading to the successful prosecution of Jester. The Mortgage Fraud Task Force is comprised of investigators from federal, state, and local law enforcement agencies and others involved in the mortgage industry. Federal law enforcement agencies participating in the Mortgage Task Force include the United States Secret Service; the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigations; the United States Department of Housing and Urban Development, Office of Inspector General; and the United States Postal Inspection Service. Other Mortgage Fraud Task Force members include the Allegheny County Sheriff’s Office; the Pennsylvania Attorney General’s Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee’s Office.

Mortgage industry members with knowledge of fraudulent activity are encouraged to call the Mortgage Fraud Task Force at (412) 894‑7550. Consumers are encouraged to report suspected mortgage fraud by calling the Pennsylvania Attorney General’s Consumer Protection Hotline at (800) 441‑2555.

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