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Friday, June 24, 2011

Great Recession:  Paul Allen, Ex-Mortgage CEO, Sentenced to Prison for $3B Fraud

They got one of them ...

The CEO of what had been one of the nation's largest privately held mortgage lenders was sentenced Tuesday to more than three years in prison for his role in a $3 billion scheme that officials called one of the biggest corporate frauds in U.S. history.

The 40-month sentence for Paul R. Allen, 55, of Oakton, Va., is slightly less than the six-year term sought by federal prosecutors.

For more, see Paul Allen, Ex-Mortgage CEO, Sentenced to Prison for $3B Fraud by Matthew Barakat, June 21, 2011 at The Huffington Post.

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