IE Business Daily Business news for the Inland Empire.
A man who ran a wire fraud operation out of a Coachella Valley home has been sentenced to 51 months in prison.
Steven Pitchersky 65, used a mortgage financing scheme to steal $5.3 million from Ally Financial Inc. in Detroit, according to a report published in The Press-Enterprise.
Pitchersky pleaded guilty to wire fraud last September.
He ran Nationwide Mortgage Concepts from a home in the Clancy Lane section of Rancho Mirage, according to the report, which cited the U.S. Attorney’s office as its source.
Pitchersky convinced Ally Financial that he had a $10 million line of credit for warehouses with MPL, an entity that does not exist, and that he planned to use the money that Ally loaned him to refinance multiple first mortgages held by other financial institutions.
The sentence requires that Pitchersky pay restitution, according to the report.
