A Grapevine man was sentenced to more than four years in federal prison and ordered to pay almost $3 million in restitution Monday for being a member of a group of investors who bilked mortgage lenders and financial institutions of about $14 million.
The scheme involved 40 properties and more than 70 loans, according to federal authorities. Donald L. Jones, 61, of Grapevine was sentenced Monday after he pleaded guilty to conspiracy to commit wire fraud in July.
Jones had represented himself as one of the owners of Affordable Homebuilders and the YIN Group in Irving, according to federal authorities.
Robert Patterson Jr., 55, of Dallas, was sentenced on Tuesday to more than three years in prison and must pay $500,000 in restitution.
Six others have already been sentenced to prison or are scheduled to be sentenced later this month.
The defendants ran a scheme that defrauded mortgage lenders and financial institutions by using properties in Irving, Arlington, Sherman and Rowlett.