Tucson Loan Officer Gets Prison In Multi-million Dollar Fraud Scheme

TUCSON, AZ — A Tucson loan officer and mortgage broker who was convicted of wire fraud was sentenced to three years in federal prison.

Michael Quiroz was involved in a multi-year, multi-million dollar cash-back mortgage fraud conspiracy, prosecutors said. He and others recruited straw buyers to buy residential properties at inflated prices, and Quiroz also helped the straw buyers fraudulently obtain loans to buy the properties.

Prosecutors say many of the properties eventually went into foreclosure and the lenders' losses relating to Quiroz's conduct during the conspiracy totaled more than $2 million. (For more information on this and other neighborhood stories, subscribe to Patch to receive daily newsletters and breaking news alerts. If you have an iPhone, click here to get the free Patch iPhone app.)

Quiroz was sentenced last week by a U.S. District Court judge in Tucson.

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