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Westminster Man Sentenced in Mortgage Scheme

by KREX News Room
by Associated Press

Story Created: Feb 2, 2013 at 10:23 PM MDT

Story Updated: Feb 2, 2013 at 10:24 PM MDT

DENVER (AP) - A Westminster man has been sentenced to six years in federal prison, plus three years of supervised release, for his role in mortgage fraud involving homes in The Broadlands subdivision in Broomfield.

Prosecutors said Friday that Steven J. Mascarenas was ordered to pay restitution of about $1.7 million.

Mascarenas pleaded guilty in July to wire fraud, lying to a pretrial services officer, and escaping from a halfway house.

Co-defendant Katrina Roberts was sentenced earlier to 20 months in prison. Mascarenas' wife, Kathy, received a two-year sentence.

Court documents say Steven Mascarenas arranged for purchases of homes, had Roberts appraise them at overinflated values, then arranged for the homes to be resold to borrowers who falsified their information to get full financing. The borrowers later defaulted. Lenders lost about $1.7 million.

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Tex said on Saturday, Feb 2 at 11:47 PM

Another fraud everyone should be aware of is the Amway Tool Scam. Google "Stop The Amway Tool Scam Wordpress" for more information, and forward this information to every non-Distributor/IBO you know, so they don't get ripped off.

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