Like a two-bit version of Bernie Madoff, a Tacoma man has been sentenced to 25 years in federal prison after being convicted of engineering a bent mortgage-rescue scheme.
Jeff McGrue, 51, was sentenced by Central District of California Judge Otis Wright III. McGrue was convicted in January on four counts of mail fraud and four counts of passing fictitious government instruments.
He faced a maximum sentence of 180 years for a scheme that, according to the U.S. Justice Department, enrolled more than 250 Southern Calilfornia homeowners into a “Gateway Program” that falsely promised a U.S. Treasury account while using bogus documents to resell homes on which mortgages were troubled. The government successfully contended that he had used “false notes” totaling $55 million to bilk financial institutions.
McGrue worked with two other men – Gerald Guidry, who owned a company called My Debt Solutions, and Ronald Morgan, who owned Omnipoint.
Morgan, 52, of Sumner, pleaded guilty last year to conspiracy, according to the Justice Department. He will be sentenced in November. Guidry, 44, of California, pleaded guilty to making false statements and will be sentenced in October.