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Builder Convicted In $8 Million Dollar Mortgage Fraud

LAS VEGAS (AP) — A Las Vegas-area homebuilder has been convicted on federal charges in an $8 million mortgage fraud scheme.

Federal prosecutors said Friday that following a 12-day trial, a jury found 56-year-old Paul Wagner guilty of one count of conspiracy to commit bank and wire fraud, six counts of bank fraud and three counts of wire fraud.

He faces up to 30 years in prison and a $1 million fine on each count when he’s sentenced Jan. 14.

Prosecutors say Wagner is the first homebuilder to be convicted of mortgage fraud offenses in Nevada since 2008.

He’s accused of selling houses at inflated prices in an effort to fraudulently obtain mortgage loans and defraud banks and lenders for $8 million.

Wagner was a homebuilder in Las Vegas for about 20 years.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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