A U.S. District Court judge this afternoon sentenced Pierce County’s king of bad home loans to 10 years in federal prison for falsifying dozens of loans that eventually defaulted, bring down a local bank and casting many people into foreclosure.
Shawn Portmann, 40, pleaded guilty last fall to two counts of conspiracy to submit false loan applications and submitting false statements to a financial institution to obtain a loan.
Read more here: http://blog.thenewstribune.com/crime/2013/01/28/former-vp-at-pierce-commercial-bank-sentenced-to-federal-prison-in-bad-loan-case/
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