Kenneth Koehler, 42, and his co-conspirators caused losses of more than $1 million to mortgage lenders because all six homes they purchased subsequently went into foreclosure, according to a statement from the Maryland U.S. Attorney's Office.
- Ellicott City woman pleads guilty to misusing title company funds
- Owings Mills man pleads guilty in mortgage-scam case
- Selling or refinancing your home? Make sure you don't get caught by this scam
- Top 10 most expensive homes in the Baltimore region in 2013 [Pictures]
- 10 Hottest Baltimore Neighborhoods for 2013 [Pictures]
- Local housing market Top 10s for 2012 [Pictures]
See more photos »
2217 Gough St, Baltimore, MD 21231, USA
From 2006 through 2008, Koehler, his former business partner and several other individuals obtained mortgages for these properties in two fraudulent ways: creating a fictitious employer that could verify made-up borrower income information and concealing from lenders the actual purchase prices for some properties.
About 90 percent of the losses caused by the scheme were suffered by government-sponsored lenders Fannie Mae and Freddie Mac.
Koehler's sentencing is scheduled for January. He face a maximum sentence of 20 years in prison and a $250,000 fine.