Newport Beach Man Guilty in Mortgage Scam
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From Times Staff and Wire Reports
A Newport Beach man pleaded guilty Wednesday to federal charges of wire fraud and money laundering after investigators uncovered a scheme that cost lenders more than $9 million.
Kenneth Christopher Ketner, 57, ran Mortgage Capital Resource Corp., a company that offered home loans nationwide. The company obtained money from commercial lenders, but Ketner used the money to make car, credit card and boat payments.
Ketner is likely to serve five years in prison under the plea deal.
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