As reported today at CFO.com, Terrance Cole, former chief of finance for Heritage Mortgage in Kansas, pleaded guilty to his roles in mortgage fraud. His charges included conspiracy to commit wire fraud and money laundering. His major role was offering bogus loans to Kansas lenders, such as Country Wide Home Loans. His case was part of a larger case which resulted in $14 million in illegally obtained loans. He could face 5 years in prison as well as up to $250,000 for the conspiracy charge and a $500,000 fine for laundering in addition to 20 years in prison.
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