A Texas woman was sentenced to 99 years in prison Monday for her role in a $3 million mortgage fraud scheme.
Kandace Yancy Marriott, 52, of Gun Barrel City, was convicted last week of engaging in organized criminal activity. Prosecutors said she targeted low-income people whose residential loans were guaranteed by the U.S. Department of Housing and Urban Development, defrauding the federal government in the process.
Marriott received monthly mortgage payments from her clients, failed to remit them to the proper mortgage lenders and embezzled the money, causing her clients to default, Texas Attorney General Greg Abbott said in a news release. Since the loans were guaranteed by the federal government, HUD had to cover the default costs.
State investigators said Marriott and her company forged home buyers' signatures, inaccurately completed loan applications, and falsified supporting documents to ensure that unqualified home buyers were approved for loans by mortgage lenders.
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Marriott's lawyer did not immediately return a message left by The Associated Press.
All four defendants face related charges in Kaufman County.