Savage Man Sentenced In $13M Mortgage Scheme
MINNEAPOLIS (WCCO) -- A Savage, Minn. man has been sentenced to nearly four years in prison after making a plea agreement in a $13 million mortgage fraud scheme.
Ericyan Anthony McDavid, 37, was indicted with two others in the summer of 2010. He pleaded guilty to the crime over a year ago.
According to the U.S. Department of Justice, McDavid admitted to obtaining loan proceeds fraudulently from 2005 through 2009 as owner of several businesses.
The justice department says McDavid admitted to recruiting straw buyers to purchase properties, offering funds toward the purchase with no intention of paying back the loans.
By carrying out the scheme on at least 25 real estate transactions, McDavid was able to receive about $13 million in fraudulent loans.
Two co-defendents -- Larry Africanus Hutchinson, 41, of St. Paul; and Jerone Ian Mitchell, age 36, of Minneapolis -- were also sentenced to time in prison. His sister Renee Lynise McDavid, 40, was also sentenced to three years of probation on a count to commit wire fraud.
