Lexington Man Gets Prison for Mortgage Fraud

A Lexington man faces three years in prison and has been ordered to pay restitution in a mortgage fraud scheme, according to United States Attorney Bill Nettles.

Robert C. Sasser, 32, was sentenced in federal court in Columbia on Monday by United States District Court Judge Margaret B. Seymour. In addition to prison, Seymour ordered Sasser to pay approximately $1.6 million in restitution to Wells Fargo bank.

Sasser pleaded guilty to the crime in August.

Sasser was a realty agent and mortgage broker doing business in West Columbia. Nettles said Sasser was involved in eight real estate transactions that involved modular homes from the Aiken Housing Center and a private residence.

Wachovia Mortgage Corporation financed the eight mortgage loans for approximately $2.5 million, according to the court documents. All the loans were collateralized by modular homes that were significantly overvalued, according to Nettles.

"The loan documents contained multiple misrepresentations that showed that the eight loans were fraudulent," Nettles said in a press release. "They included grossly misstated income and asset information, forged signatures, and improper down payments. Due to subsequent foreclosures, the amount of loss suffered in this case was approximately $1.6 million, owed to Wachovia’s successor, Wells Fargo."