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Va. man faces prison time for mortgage fraud scheme

Tuesday - 3/13/2012, 3:50pm  ET

NORFOLK, Va. - A Virginia man faces up to 30 years in prison after pleading guilty to his role in a mortgage fraud scheme.

Federal prosecutors say 41-year-old Philip Villasis of Chesapeake pleaded guilty Tuesday in Norfolk federal court to conspiracy to commit wire fraud.

According to court documents, Villasis engaged in a foreclosure rescue scheme that defrauded homeowners and mortgage lenders from November 2006 until February 2011.

Prosecutors say Villasis promised homeowners that he could save them from foreclosure by arranging a sale of their homes. He also told homeowners that they could stay in their homes after the sale, pay rent, and that he would resell the homes back to them once they were more financially secure.

Sentencing is scheduled for June 18.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)