CENTRAL OHIO -- An Upper Arlington man was sentenced Monday for his role in what authorities said was a multimillion-dollar mortgage fraud ring.
NBC 4 reported with the FAST FACTS.
Scott McCann, 46, was sentenced to four years in prison for his connection in a scheme that operated in Delaware and Franklin counties, Delaware County Prosecuting Attorney Dave Yost said.
Officials alleged the scheme involved homes that were appraised at more than fair value and then sold at above-market price to ring members.
McCann also was given a $15,000 fine and ordered to perform 150 hours of community service when released.
He pleaded guilty to eight felony charges, including three counts of engaging in a pattern of corrupt activity and five counts of money laundering, Monday, March 2.
A grand jury handed down identical 15-count indictments against McCann and alleged ring leader Gihan Zalat in February 2008.
Zalat, 41 of Powell pleaded guilty to the same eight felony charges as McCann and was sentenced to four years in prison and faces deportation upon completion of her sentence.
Also indicted for their connections were Hany Bekhit, Moemen Ibrahim, Dijana Ibrahim, Alaa M. Abouelenein, Hany Ibrahim and Mohamed Mohamed.
Arrest warrants were issued for the remaining and were being pursued.
Agencies with the Ohio Organized Crime Investigations Commission had been investigating this criminal ring for more than a year when they arrested Zalat Feb. 15, 2008.
The scheme, operated under the assistance of unethical appraisers and brokers, involved homes that were appraised at more than their factual value then sold for the above-market price to ring members.
The homes were financed through unsuspecting lending institutions, which provided those involved with a significant amount of money.
Along with fraudulent appraisals, members also used falsified tax returns and loan documents to swindle the lending institutions out of millions of dollars.
Six of the homes involved were in the Dublin and Powell area of Delaware County. Many of the houses involved were never occupied after sale and went into foreclosure.
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