Ex-Lawyer Gets 18 Months, Must Repay $628K in Mortgage Fraud That Earned Him About $14K
Posted Aug 26, 2010 04:58 pm CDT
A 52-year-old former Virginia Beach real estate attorney has been sentenced to 18 months in a federal mortgage fraud case.
William Timberlake, who pleaded guilty earlier this year to one count of wire fraud, also agreed to pay $628,000 in restitution, reports the Virginian-Pilot.
He earned about $14,000 in fees in seven real estate transactions between 2005 and 2006, in which Timberlake, while serving as settlement agent, reportedly failed to disclose to lenders that some seller money was going to the buyers and that he himself was funding some closing costs.
Timberlake’s Virginia law license was revoked by consent in a June order (PDF).
His prison sentence is about half of the recommended minimum sought by prosecutors in the U.S. District Court case in Norfolk, Va., the newspaper says.