FLORENCE, SC (WBTW) – On Tuesday, US Attorney Beth Drake announced a man from North Carolina was sentenced for mortgage fraud that involved properties in Myrtle Beach.
Michael Lane Prevette of Greensboro was sentenced to 42 months in prison, the press release from the district attorney says. In October of 2016, Prevette pleaded guilty to count one of an indictment, which charged conspiracy to commit application fraud.
After Prevette is released from prison, he will be on federal supervised release for three years and has been ordered to pay $886,749 in restitution.
Prevette was involved in a scheme where mortgage lenders were misled when suspects submitted fraudulent loan packages to the lenders, the release says. The “packages” included inflated real estate appraisals which were prepared at Prevette’s direction. These properties were located in the Myrtle Beach area.
The case was investigated by the FBI. Assistant United States Attorney John C. Potterfield of the Columbia United States Attorney’s Office prosecuted the case.