Las Vegas lawyer pleads guilty in $3.6M mortgage fraud
LAS VEGAS (AP) -- A Las Vegas attorney accused of a mortgage fraud scheme that caused $3.6 million in losses has pleaded guilty to a conspiracy charge.
Authorities say 54-year-old Stanley Walton pleaded Wednesday to conspiracy to commit bank, mail and wire fraud. He faces up to 30 years in prison at sentencing Aug. 20.
Prosecutors say Walton recruited "straw buyers" to purchase homes and told them he would split the proceeds with them when the homes were re-sold. Authorities say he funneled money from the loans to himself by claiming they were attorney's fees.
Officials say Walton and his co-conspirators fraudulently purchased nine homes in the Las Vegas area.
Mortgage loan officer Pamela Black also pleaded guilty to a conspiracy count in the case and was ordered to pay $1.2 million restitution.