Crown Point Man Sentenced on Mail Fraud Charge

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A U.S. District Court judge has sentenced a Crown Point man to 14 months in prison after a guilty plea on a charge of conspiracy to commit mail fraud. U.S. Attorney Thomas Kirsch's office says Walter Woldt and a co-conspirator committed a scheme to defraud mortgage lenders.

Court documents say Woldt worked with Texas-based mortgage broker Al Rondenburg to purchase 14 residential properties in northwest Indiana in a 30-day span with no money down. The pair would close on multiple properties between January 3, 2007 and February 1, 2007, knowing that by doing so quickly, the mortgages they obtained on the properties would not hit Woldt's credit report for at least 30 days.

Kirsch's office says that deprived subsequent lenders, including lenders who purchased the mortgages on the secondary market, of information they would need to evaluate Woldt's credit worthiness. Rodenburg participated in the scheme for the commissions he received on the mortgages obtained by Woldt. 

Woldt was ordered to report to prison on August 3. Upon his release, he will serve 24 months of home detention and must pay more than $1 million in restitution. Rodenburg was sentenced in February to 14 months in prison, two years of supervised release and pay $1 million in restitution as well.

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