Heritage Mortgage ex-CFO Cole pleads guilty to fraud
Terrence Cole, a former CFO for Heritage Mortgage, admitted on Monday to federal charges that he conspired to commit wire fraud and money laundering in connection with a wider mortgage fraud scheme that netted $14 million in illegally obtained loans.
Federal prosecutors in Kansas indicted Cole and other co-defendants in November for their role in allegedly submitting bogus loans to lenders such as Mortgage Solutions, First Magnus and Countrywide Home Loans.
Cole’s part in the conspiracy, according to the indictment, was submitting loan documents to banks that falsely reported that home buyers worked jobs they didn’t have and earned six-figure incomes that they didn’t make low fees payday loan.
Cole faces as much as five years in prison and as much as $250,000 in fines for the conspiracy charge, and as much as 20 years and $500,000 in fines for the laundering charge. He will be sentenced on Sept. 22.
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