Lane Anderson, 38, was sentenced to four years in prison Monday for bank and wire fraud in connection with a scheme for conspiracy to commit bank fraud and wire fraud.
According to a news release from the office of U.S. Attorney Nicholas A. Klinefeldt, Anderson was one of four men involved in a scheme that operated between 2006 and 2008 to defraud lenders by using straw buyers and fraudulent loan applications to obtain inflated mortgage loans.
Anderson, of Altoona, Shannon Flickinger and Dave Mable operated Urbandale-based LDF Development, a company that bought, rehabbed and sold houses. Paul Kramer closed the deals at his Iowa Closing & Escrow LC, according to the release. Kramer dissolved the company in 2009, according to Iowa Secretary of State records.
Anderson and Kramer were found guilty after a jury trial in U.S. District Court in Des Moines. Kramer is scheduled to be sentenced April 12.
Mable and Flickinger pleaded guilty and were sentenced Nov. 30. Flickinger pleaded guilty to wire fraud and was sentenced to three years of supervised release and ordered to pay $120,000 in restitution. He was given credit for time served.
Mable pleaded guilty to bank fraud and was sentenced to three months in prison, three years of supervised release and was ordered to pay $120,000. Lenders had more than $600,000 in losses, according to the news release.