(Oregonlive.com) – By September 2008, Sheldon Harmon’s mortgage brokerage, Lighthouse Financial Group, had emerged as a Northwest epicenter of mortgage fraud. Several of his former employees had been indicted or were under investigation.
With Lighthouse in a death spiral, Harmon needed cash. He convinced Umpqua Bank to refinance his downtown Vancouver office building. Harmon took $1.3 million out of the deal. After Umpqua agreed to refinance, Harmon quickly defaulted on the loan. The bank claims it lost $2.2 million.
Harmon was sentenced to 48 months in prison Wednesday in U.S. District Court in Portland. He had pleaded guilty in May to charges of bank fraud, making a false statement to a bank and money laundering.
For more information about OnlineEd and their pre-license and continuing education for real estate and mortgage brokers, please visit www.OnlineEd.com. For more information about mortgage-specific products for compliance training, tracking, and management, please visit https://www.onlineed.com/inlineed.php or contact Joseph Mikkelson at 1.866.519.9597.
This article was published on December 19, 2013. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements, laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.
Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center’s CDEi Designation for distance education in 2008.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.