In the end, all of the straw buyers default on the mortgages, and all ten of the beach properties end up in foreclosure. The fraudulent mortgage loan scheme results in a loss of $5,317,350 to Wells Fargo Bank and the other lenders. Meanwhile, Brannan pays $2,401,368 to his co-conspirators as part of the scheme.
For his transgressions, Brannan faces up to 30 years in federal prison and a possible $1 million maximum fine.
Attorney Convicted in Scheme to Commit Bank Fraud
