NC Fraud Conspirator Sentenced to Seven Years

William Montelle Loyd III of Raleigh, N.C., has been sentenced to 84 months' imprisonment followed by three years of supervised release for conspiring to commit mail fraud, wire fraud, and aggravated identity theft. The court also ordered Lloyd to pay more than $1.26 million in restitution. From November 2002 through December 2006, Loyd entered into a conspiracy with others to obtain 16 loans from an online mortgage company worth approximately $2.6 million by submitting false documentation regarding employment, salary, appraisals and tax information during the course of securing the loans. The investigation revealed that Loyd utilized his father's and his brother's identities and Social Security numbers to obtain loans in their names without their authorization or knowledge.