Tax accountant Kalil Khalil of Dearborn Heights, Michigan was sentenced to 60 months in prison on Thursday by US District Judge David Lawson in Detroit. Khalil had pleaded guilty in May 2007 to one count of wire fraud for his part in a mortgage fraud scheme he operated with co-defendant Tariq Hamad which caused lenders to suffer $21 million in losses from 2001 to 2003. He admitted preparing fraudulent loan applications and loan documents with fake borrowers, fake employment histories and forged or inflated appraisals, and not using loan proceeds for their intended purposes. Hamad was sentenced in September 2007 to nine years in prison; Khalil’s sentence was reduced for cooperation. The Detroit Free Press story is here.
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