MADISON, Wis. - An Oregon man was sentenced to probation for mortgage fraud.
P. Edwin Gray, 59, was sentenced Monday by U.S. District Judge Barbara B. Crabb to three years probation and ordered to pay $336,100 in restitution for his role in a mortgage fraud scheme.
Gray was formerly a CPA in Oregon who became involved in a scheme to help one of his clients obtain a loan through an undisclosed mortgage company operating in Madison.
Gray falsified the client's income on a W-2, which allowed the client to qualify for a loan that he otherwise would not have obtained.
Gray pleaded guilty on Aug. 12.
In sentencing Gray, the judge reduced his sentence from the range of 12 to 18 months based on his cooperation in an ongoing investigation. In arriving at the sentence of three years probation, the court balanced Gray's ongoing cooperation with the serious nature of his crimes and the need to deter others similarly situated from engaging in criminal conduct.
This case is part of President Barack Obama's Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes, according to a news release from the U.S. Department of Justice.