Posted: Oct 31, 2012 8:01 AM
HOUSTON - A Houston-area man faces up to 300 years in prison in a $20 million fraud and mortgage scam case.
A federal judge in Houston on Tuesday ordered Patrick Cody Morgan of Alvin to remain in custody pending sentencing in February. A jury convicted Morgan of conspiracy to commit bank fraud and nine counts of bank fraud.
Investigators say Morgan and several co-conspirators from mid-2004 through September 2007 ran a condominiums loan scam.
Co-defendants would recruit individuals with good credit to seek loans, then would fail to repay the money. The scheme involved about 100 properties and loans topping $39 million. About half of the loan money was lost.
Morgan represented himself at trial and faces up to 30 years in prison per count. Five co-defendants pleaded guilty and await sentencing.
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