LAS VEGAS (KSNV MyNews3.com) – A local attorney has pleaded guilty for participating in a scheme to obtain mortgage loans from financial institutions using straw buyers and false loan applications.
Stanley A. Walton, 54, faces up to 30 years in prison and a $1 million fine, and has agreed to the forfeiture of $750,000 in money or property in addition to restitution.
He is scheduled to be sentenced at 10 a.m. Aug. 20.
According to the guilty plea memorandum, from about Sept. 22, 2004, through July 24, 2007, Walton conspired with others to fraudulently obtain residential mortgages in order to obtain proceeds from the mortgages for their personal use.
Walton recruited straw buyers to purchase homes, while Walton intended to control the ownership interests of the homes, obtain proceeds from the mortgage loans for his own use, and later resell the house for a profit.
Walton and the co-schemers fraudulently purchased six homes in Henderson and three homes in Las Vegas. He admitted in his plea agreement that the loss caused by his criminal conduct was approximately $3.6 million.
The investigation was conducted by the FBI, and the case is being prosecuted by Assistant U.S. Attorneys Daniel R. Schiess and Kathryn C. Newman.