Texas Man Sentenced To 160 Months In Prison In Mortgage Fee Fraud

Larry Stallings of Watauga, Texas was sentenced to 160 months in prison in US District Court in Concord, New Hampshire on Monday. On June 28, 2007, a jury convicted Stallings on two counts of wire fraud and one count of conspiracy in connection with an advance fee fraud; Stallings and other defendants represented themselves as brokers for subprime mortgages and required a 10% advance fee; prosecutors said they collected over $2 million in advance payments, most of which was spent on living expenses. Two other convicted defendants are awaiting sentencing, including Stallings’ son Christopher Stallings, whose sentencing hearing is scheduled for February 21, 2008. AP here, DOJ Press Release here.