News and Press Releases

Anthony Jerdine sentenced to more than 8 years in prison and ordered to pay $1.3 million in restitution for conspiracy to commit bank fraud and money laundering and other crimes

FOR IMMEDIATE RELEASE
May 3, 2012

 

Anthony Jerdine, 41, of Pepper Pike, Ohio, was sentenced to 105 months in prison after previously being found guilty of bank fraud, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

Jerdine pleaded guilty in February to numerous charges, including conspiracy to commit bank fraud and money laundering, bank fraud and multiple counts of money laundering.

Jerdine and several codefendants conspired in 2007 to purchase the home at 7261 Hillbrook Lane, South Russell, Ohio. Jerdine purchased the property on Aug. 31, 2007 through a land trust agreement for $710,000 then “resold” it the same day for $2 million to co-defendant Terry Smith based on a fraudulent appraisal, according to court records.

Other co-defendants furthered the conspiracy by completing and submitting a fraudulent loan application which falsified Smith’s employment, income, assets, source of down-payment funds, according to court records.

The defendants did all this to deceive and defraud Washington Mutual Bank into funding the $2 million purchase price with a mortgage loan of more than $1.5 million, according to court documents.

U.S. District Judge Donald Nugent also ordered Jerdine to pay restitution of more than $1.3 million.

This case is being prosecuted by Assistant United States Attorney Mark S. Bennett following an investigation by the Federal Bureau of Investigation and U.S. Postal Inspection Service.

 

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