Indiana Policeman Sentenced in Connection with Loan Fraud

After pleading guilty to bank fraud in connection with a mortgage fraud scheme, Robert C. Culp of New Carlisle, Ind., a police officer, was sentenced to 54 months imprisonment, followed by three years of supervised release and was ordered to pay $1.19 million in restitution. Culp was charged with devising and executing a scheme to defraud mortgage lenders and to obtain money, funds, credits and other property owned by or under the custody or control of mortgage lenders by fraudulent pretenses and representations. According to his plea, Culp purchased inexpensive homes, frequently in need of substantial repair and renovation and then arranged to sell these properties at inflated amounts to persons who obtained mortgage loans based upon falsified mortgage loan applications. Culp, who remains on release, must begin serving the sentence on April 24.