4 Sentenced In Multi-Million Dollar Mortgage Scheme
By Michelle Durham
PHILADELPHIA (CBS) — A federal judge decided the fates of four men who previously pleaded guilty in connection with a multi-million dollar mortgage fraud scheme. Instead of the promise of paying rent until they could buy their homes back, the victims lost their homes all together.
Anthony DeMarco III, Michael Roberts, Sean McBride and Eric Bascove each received separate sentences. DeMarco’s sentence was the highest at 25 years, because he was the owner of DeMarco REI.
Assistant U.S. Attorney Karen Grigsby thought the sentences were appropriate, given the extent of the harm, but DeMarco’s attorney Christopher Warren disagrees.
“To some extent, my client was held responsible…almost a poster child for the excesses that lead to the mortgage crisis,” Warren says.
Carlene Cheesman’s mother was one of the victims, and she says the loss was more than monetary.
“They contributed to the death of our mother, Gloria Cheesman. They will never know what this has done to us,” Carlene says.
All the defendants have been ordered to pay restitution to the victims, whose homes prosecutors say were ultimately sold to others without their knowledge.