Virginia Man Given 20-Year Prison Sentence for Mortgage Fraud

After being convicted on charges related to an elaborate mortgage fraud scheme, Richard Garries of Newport News, Va., was sentenced by U.S. District Judge Robert G. Doumar to 240 months in prison, followed by three years of supervised release and ordered to pay $900,000 in restitution. The new sentence is being added on to one already in place for a parole violation. According to Neil H. MacBride, U.S. attorney for the Eastern District of Virginia, Garries conspired with others to make money through reselling residential properties to buyers he brought in through false promises that the properties had been renovated, renters had been arranged for the properties, buyers would not have to spend their own funds and that buyers would be provided with cash back at closing. To secure loans for buyers, Garries inflated their income levels and bank account balances on applications and also provided them with money. Garries then arranged for buyers to use lenders he selected to obtain financing, for which he received a commission. At the time he committed these crimes, Garries was on probation from a previous federal conviction for wire fraud. While on probation, he concealed his income and assets from his probation officer. Garries was ordered in June to serve 24 months for violating his probation. Judge Doumar ordered Garries to serve his 240-month sentence consecutive to the previously imposed 24-month sentence.