HUDSON, WI (WTAQ) - A Hudson man and his wife have each been sentenced to almost seven years in prison, for running a $10 million mortgage fraud scheme in Minnesota’s Twin Cities.
A judge in Minneapolis also ordered James and Wendy Ober to spend 3 years on probation when they’re no longer behind bars.
Authorities said they found fake buyers to purchase foreclosed houses from banks at low prices. The fake buyers used a variety of forged documents to obtain the loans, and the proceeds went to the Obers and others who ran the scheme.
The homes were allowed to deteriorate, and they went into foreclosure again. The scheme netted about $23 million in loans that were used to buy 136 properties in the Minneapolis-St. Paul area and rural locations.
Prosecutor Tom Sinas said nothing was off limits to the Obers – including the use of judges’ names on forged documents.
Rosa Ventura, who had her identity stolen as part of the scheme, said she heard from bill collectors about debts she didn’t owe. She said the Obers, “have no idea the damage they’ve done.”
Both Obers apologized. Wendy Ober said she, “strayed away from my values.”