San Diego mortgage company chief gets prison time

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Updated: 12/16/2013 7:37 pm

SAN DIEGO (AP) — The leader of a San Diego mortgage company has been sentenced to 41 months in prison and ordered to pay more than half-a-million dollars in restitution.

U.S. Attorney Laura E. Duffy announced in a statement Monday the sentencing of Brian Nels Peterson for creating millions of dollars in fraudulent mortgage applications between 2005 and 2007.

Peterson headed Terra Finance mortgage company, which generated between $80 and $100 million in residential mortgage loans at its height. Peterson earned over $1 million from his fraudulent business through broker's fees, kickbacks, and other sources in just 2006. He also failed to report that money to the Internal Revenue Service.

When his business crumbled, millions were lost, dozens of homes foreclosed, neighborhoods depressed, and 26 people who worked with the company indicted.

 

©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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