Monday, January 3, 2011

Chael Sonnen Charged in Mortgage Fraud Case

Now we can all thank Chael Sonnen for contributing to the downfall of the housing market and the consequent collapse of the world economy.

Ball shrinkage is the last thing on UFC middleweight Chael Sonnen's mind these days. Besides dealing with the side effects of elevated testosterone levels and the criticism that comes along with, Sonnen is now faced with a major legal hurdle. According to The Columbian (article below), Sonnen has pleaded guilty in a mortgage fraud case involving a wire fraud scheme. The thirty-three year old fighter is a licensed realtor in Oregon.

Man, I wonder if Chael will have access to testosterone replacement therapy in the joint? Well, I guess that won't matter -- it's the other end he should be worried about now!

Man pleads guilty in mortgage fraud case involving Vancouver firm

Transaction involved Vancouver financial firm

By The Columbian
Originally published January 3, 2011 at 6:05 p.m., updated January 3, 2011 at 6:07 p.m.

An Oregon real estate agent has pleaded guilty to money laundering in connection with a mortgage fraud case involving Vancouver-based Lighthouse Financial Group, which also did business under the name Crown Point Financial Services.

Chael Sonnen, 33, of West Linn, Ore., entered the plea Monday in U.S. District Court in Portland. He will be sentenced March 28. The maximum sentence is 20 years in prison and a $500,000 fine.

According to a news release, Sonnen acted as the real estate agent in a transaction involving a home in Portland, and submitted a false letter and sales agreement instructing the title company to disburse $69,000 to a contractor for plumbing repairs. However, in a deal arranged by Lighthouse employees, $65,000 of the money was actually kicked back to the buyer.

Federal prosecutors allege that two Lighthouse employees, Joel Rosabal and Chadwick Amsden, submitted the false loan application to a now-defunct subprime lender.

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