San Diego man gets 10 years for AZ Loan scheme - WFXG FOX 54 - News Now

San Diego man gets 10 years for AZ Loan scheme

PHOENIX (AP) -

A federal judge has sentenced a San Diego man to 10 years in prison for concocting a loan scheme that led to millions in losses and the eventual distress merger of an Arizona bank.

The U.S. attorney's office in Phoenix says U.S. District Chief Judge Roslyn Silver handed down the sentence to 61-year-old Thomas Gregory Alexander on Monday. Alexander pleaded guilty to wire fraud and conspiracy charges in June and was also ordered to pay $5.5 million in restitution.

Alexander ran the scheme from 2005 to 2007 when he worked as a loan originator. Court records show he helped create fake documents allowing unqualified borrowers to apply for loans from Mesa Bank. They used the money to buy land and build homes. He also owned the land company many used.

Copyright 2012 Associated Press. All rights reserved.

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