A California loan originator helped push more than $40 million in fraudulent loans through an Arizona bank, leading to tens of millions in financial losses for the institution. Thomas Gregory Alexander of San Diego was sentenced in a U.S. District Court in Arizona to 10 years in prison and five years of supervised release. Alexander profited from those lot sales with inflated appraisals falsely provided by a co-conspirators. The case illustrates why lending institutions must track the activities of originators and thoroughly examine all loans.”]
Source: https://www.cuinfosecurity.com/40-million-mortgage-fraud-lesson-a-5277