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Ex-mortgage broker sentenced to 12 years, fined $3.45M
Thursday, June 07, 2007
DAYTON — A former mortgage broker convicted of 48 felony counts was sentenced Tuesday to 12 years in prison and fined $3.45 million.
Mark D. Musselman was also ordered to pay $1.15 million to ABN AMRO Mortgage Company, the victim in the case.
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Musselman, owner of Phoenix Funding Inc., and his former employee Mark S. Edwards were convicted of obtaining fraudulent mortgage loans by submitting forged documents containing false and deceptive information, including forged real estate appraisals and loan applications.
They obtained dozens of fraudulent loans, including 12 using the names of deceased people.
A jury convicted Musselman on April 20. Edwards, who pleaded guilty March 29 to 48 counts, will be sentenced June 19.
