MIDLAND, Texas (AP) — Four people must serve prison or probation over a West Texas same-day property flip scam involving $45 million in loans.
Stephen Mark Hilliard, Michael Duraine Cowan II, Cynthia Gayle Hirsch and Berta Laura McFaddin were sentenced Wednesday in Midland.
Hillard and Cowan must serve three-year federal prison terms and each repay $1 million. Both pleaded guilty to conspiracy to commit bank fraud and to conspiracy to commit money laundering.
McFaddin received one year in prison after pleading guilty to conspiracy to commit bank fraud.
Hirsch received five years of probation and was fined $100,000 after pleading guilty to conspiracy to commit bank fraud.
Property bought by companies linked to Hillard or Cowan was sold the same day at inflated prices to their other companies. False financial information helped secure mortgages.