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Idaho Man Sentenced for Lying to Financial Institution

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Industry Observer TN LIC# 290452

Man Sentenced for Providing False Information to a Financial Institution

Paul Redondo, 34, Meridian, Idaho, was sentenced in federal court to three years' probation, three months of home detention, and 80 hours of community service for misdemeanor theft from a financial institution.

U.S. Magistrate Judge Ronald E. Bush also ordered Redondo to pay $101,459 in restitution. Redondo pleaded guilty to the charge on February 15, 2011.

According to court documents, Redondo admitted to providing false financial information to obtain a home equity loan from Washington Trust Bank.

Paul Redondo's wife, Melody, 32, pled guilty in February 2011, to making a false statement to a financial institution, a felony. She is scheduled to be sentenced by Chief United States District Judge B. Lynn Winmill on June 13, 2011.

The case is related to the ongoing Crestwood, Idaho, mortgage fraud case, which involved multiple defendants who bought and sold real estate in order to "flip" it, or gain profits from the sales.

The case was investigated by the Federal Bureau of Investigation and was prosecuted by the United States Attorney's Office and the State of Idaho, Office of the Attorney General.

Courtesy Rachel Dollar

Posted by

Time&Temp Memphis

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Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

Lessen learned.  I hope this went national on other mediums.  

May 17, 2011 11:47 AM
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

I find this post interesting because mortgage fraud (lying about income on stated-income loan applications), was prevalent during the housing boom in Silicon Valley between 2003 - 2006.  It's much easier and more acceptable for politicians to blame "greedy lenders" and "fat cat" Wall Streeters, but in Silicon Valley liars had as much to do with the boom and bust as Fat Cats.  Until your post, I figured liars were ignored and given a pass on Mortgage Fraud.  Thanks.

May 17, 2011 12:49 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Hard lesson, at that, Stan.

Those no-doc, low-doc liar-loans were pandemic, Lloyd. They still are to a lesser degree because they're easier for the investigative arm of the Department of Justice to see on radar. Thank God.

May 17, 2011 03:47 PM
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