Kevin Derricott, 40, of Rocklin, Calif., now faces 20 months in prison for his role in a scheme to
U.S. District Court Judge William H. Alsup imposed the sentence. Judge Alsup ordered Derricott to serve three years of supervised release following his imprisonment, with the special condition of 16 months’ home confinement, and ordered him pay restitution of $3.43 million.
Derricott’s sentencing this week follows his guilty plea to conspiracy to commit wire and bank fraud and bank fraud back in February.
According to the plea agreement, from February 2006 through December 2008, Derricott conspired with others to submit mortgage applications to various lenders that contained materially false information about the borrower-applicants, such as inflated salary figures, inflated assets claims, or false employment information, in order to trick the lenders into making loans.
He also recruited borrower-applicants, procured false supporting documentation for loan applications, and submitted fraudulent loan applications to lenders in exchange for a portion of the fraudulent proceeds.
Derricott was charged on Dec. 15, 2011, by the grand jury with conspiracy to commit bank and wire fraud. He pleaded guilty to all counts in the indictment.
