2 Plead Guilty In Mortgage Fraud Ring

Associated Press
Published: March 4, 2009
Updated: March 4, 2009

DELAWARE, Ohio—A Columbus-area woman has been sentenced to four years in prison for her role in what authorities say was a multimillion-dollar mortgage fraud ring.

Delaware County Prosecutor Dave Yost says 41-year-old Gihan “Gigi” Zalat of Powell pleaded guilty Tuesday to eight felonies, including money laundering.

On Monday, 46-year-old Scott McCann of nearby Upper Arlington pleaded guilty to matching charges. He will be sentenced later.

Prosecutors say they helped run a scam in which appraisers cheated banks by overestimating the values of central Ohio homes.

Police are looking for six others indicted on related charges.

A message seeking comment was left after business hours Tuesday for an attorney representing Zalat. Authorities have said Zalat is an Egyptian citizen and could be deported.