James Wynn Threatt has been sentenced to 21 years in prison for his role in dual frauds, one for mortgage fraud and the other for fraudulently acquiring car loans for his auto dealerships. Threatt is to self-report to prison on September 28, 2009, before noon.

As previously reported by Mortgage Fraud Blog, on June 17, 2008, criminal charges for conspiracy and bank fraud were filed against Threatt, a former real estate investor, for his role in a mortgage fraud scheme. The charges alleged that from January, 2003 through March, 2006, Threatt conspired with others to successfully obtain fraudulent loans by creating false documentation and making false entries on documents submitted to the lenders to obtain the loans. The charges also allege that Threatt and others used encumbered parcels of real property as collateral, fabricating title opinions and providing other false information to conceal from the lenders that the properties were already encumbered.