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Fla. Man Sentenced In $78 Million Mortgage Fraud

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GREENBELT, Md. (AP) — The founder of Metro Dream Homes who was convicted in a $78 million mortgage fraud plot has been sentenced to 150 years in prison.

Andrew Hamilton Williams Jr., 61, of Hollywood, Fla., was sentenced Friday in U.S. District Court in Greenbelt. He was convicted in November of conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering.

According to evidence at trial, the company marketed the program in seminars at hotels in Maryland, Washington and elsewhere. An investor had to put up a minimum of $50,000 for each home. The company was then supposed to pay off their mortgages within five to seven years.

Prosecutors say the investments were used to pay company salaries of up to $200,000 and maintain a fleet of luxury cars and chauffeurs.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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