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Milwaukee man sentenced for bank fraud scheme

MILWAUKEE (WTAQ) - A Milwaukee man has been sentenced to 21 months in prison on a bank fraud conviction tied a scheme connected with sub-prime mortgages.

Federal Judge Lynn Adelman gave 34-year-old Randez Long a term that was only a-third of the minimum sentencing guideline of 63 months.

Long must also spend three years on a supervised release once he leaves prison. He was also told to pay $984,000 in restitution.

Authorities said Long bought properties in the names of his relatives, and he arranged mortgages for more than the actual purchase prices. Long did not make payments on the mortgages and later arranged short sales.

A plea agreement listed one case in which Long bought a house for $44,000, then got a $73,000 loan in his sister’s name. About $38,000 from the loan eventually went to a company that was owned by Long.

He tried to convince the judge that he was a victim to others who pulled strings in the mortgage fraud scheme.

The prosecutor and the judge didn’t buy that. Prosecutor Matt Jacobs said money was consistently going to Long and his businesses.

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