Jan 26, 2015 7:22 PM by News Staff
A Sacramento man was sentenced to over seven years in prison Monday for carrying out a mortgage fraud scheme in Chico and Sacramento from late 2006 into 2008.
Investigators say Leonard Williams, 52, conspired with others to carry out the scheme in Chico and Sacramento using his companies Diamond Hill Financial and Bay Area Real Estate Holdings. The scheme resulted in the issuance of more than $2 million in home loans, with most of the buyers ultimately defaulting.
Williams and his partner Joshua Clymer recruited underqualified buyers, including family and friends, to purchase homes by making false promises and helped them secure loans with fraudulent applications.
Clymer pleaded guilty to conspiracy to commit mail and wire fraud and will be sentenced on February 9.
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