Colorado man is sentenced in real estate swindle
DENVER – A Westminster man has been sentenced to six years in federal prison, plus three years of supervised release, for his role in mortgage fraud involving homes in The Broadlands subdivision in Broomfield.
Prosecutors said Friday that Steven J. Mascarenas was ordered to pay restitution of about $1.7 million.
Mascarenas pleaded guilty in July to wire fraud, lying to a pretrial services officer, and escaping from a halfway house.
Co-defendant Katrina Roberts was sentenced earlier to 20 months in prison. Mascarenas' wife, Kathy, received a two-year sentence.
Court documents say Steven Mascarenas arranged for purchases of homes, had Roberts appraise them at overinflated values, then arranged for the homes to be resold to borrowers who falsified their information to get full financing. The borrowers later defaulted. Lenders lost about $1.7 million.