PHOTO: As a result of his plea, Jacobsen was also ordered to forfeit a yacht he purchased with the sale proceeds and pay an undetermined restitution fee.
A California real estate agent was recently sentenced to more than six years in prison and three years of supervised release after pleading guilty to one count of wire fraud and one count of money laundering
According to the Department of Justice, from October 2012 through October 2013, Robert Jacobsen sold homes with unpaid mortgages on them to unsuspecting homebuyers but eventually, authorities caught wind of the scheme.
According to the DOJ, Jacobsen’s scheme involved him creating a fictitious company called “American Brokers’ Conduit Corporation,” which was not related to an already-existing mortgage originator known as “American Brokers’ Conduit,” which originated loans in the Bay Area.
READ MORE VIA HOUSING WIRE
