John Boumenot, 63, has been sentenced to 5 years probation for his participation in a mortgage fraud scheme. Boumenot is also required to make regular restitution payments.
As taken from to court documents, John Boumenot operated a business buying, renting, and selling real estate properties. Boumenot, played a limited role in a scheme related to the sale of three properties he owned in Delevan, Michigan and Elkhorn, Michigan. This mortgage fraud scheme was devised and executed by a mortgage broker names James Lytle.
As previously reported on Mortgage Fraud Blog, the scheme involved the sale of properties, at prices desired by the sellers, to straw buyers whose application information Lytle fabricated. After the loans closed, the sellers paid Lytle kick-backs, which were not disclosed in the settlement documents. Lytle and his partner, Martin Valdez have both been sentenced to 84 and 72 months imprisonment, respectively.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.