(Las Vegas, NV) — Lance Kellow, 36, of, Henderson, Nev., was convicted Friday on multiple counts of fraud that may put him bars for up to 30 years, that according to Daniel G. Bogden, United States Attorney for the District of Nevada.
Kellow, who is an experienced loan officer in the mortgage lending industry in southern Nevada is charged with of one count of conspiracy to commit mail and wire fraud, three counts of wire fraud and one count of bank fraud for committing mortgage fraud crimes that caused losses to federally insured financial institutions of over $1 million.
Kellow also faces fines of up to $1 million on each count.
The crimes date back to 2007 when Kellow and his brothers, Jason and Vince, conspired to sell their houses to their cousin, who was not qualified to buy them, for a significant profit.
In order for the cousin to qualify the Kellow brothers deposited cash in his account and arranged for false verifications of employment and income.
As a result of the false statements in the loan applications, lenders made loans to the Kellow’s cousin enabling him to buy the properties.
Lance Kellow personally received over $100,000, the brothers $500,000.
Kellow is free on a personal recognizance bond and is scheduled to be sentenced by U.S. District Judge Gloria M. Navarro on May
Vince and Jason Kellow will be sentenced at a later date.