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DAYTON, OHIO (AP) -- A businessman who prosecutors say led a mortgage fraud scam has been sentenced to 10 years in prison and ordered to pay a more than $13 million in restitution.
Dayton-area businessman Randall Davidson, 58, was sentenced Wednesday in U.S. District Court. The Fairborn resident pleaded guilty last year to federal money laundering, bankruptcy fraud and attempted tax evasion charges.
He could have been sentenced to 40 years in prison.
Prosecutors say Davidson ran a $20 million property-flipping scheme involving more than 300 southwest Ohio homes during seven years. Investigators say Davidson and his collaborators defrauded federally insured banks by borrowing more money against properties than they were worth.
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