ALEXANDRIA, Va. (AP) — Two Maryland men have been sentenced in a conspiracy to steal $9 million from a Vienna-based company’s employee pension plan through a series of bad mortgage loans.
Robert Fulton Rood IV, 44, of Potomac, Md. was sentenced to 10 years in prison. Nikolaos Hepler, 31, of Gaithersburg, Md. was sentenced to 30 months. Federal prosecutors announced the sentences on Friday.READ MORE: COVID-19 In Maryland: Hospitalizations & Positivity Rate Decline Saturday
Prosecutors say Rood led a scheme to defraud Southern Management Corporation Retirement Trust, which funds pensions for the Southern Management Corp., a prominent property management firm in the Mid-Atlantic region with 1,200 employees. Rood brokered a series of 32 mortgage loans which he sold to the retirement trust in 2006 and 2007. All but eight loans went into default.READ MORE: ‘I’m Terrified’ At Least 20 People Shot This Week In Baltimore; Police Identify Victim of Deadly Mass Shooting
Authorities say Hepler, Rood’s employee, misrepresented information about the loans.MORE NEWS: 12-Year-Old Girl Hospitalized After Baltimore Hit & Run
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