Friday, Sept. 27, 2013 | 9:06 p.m.
A Las Vegas real estate escrow officer was convicted today of conspiracy and fraud charges in connection with a scheme that cost lenders and banks millions, Nevada U.S. Attorney Daniel Bogden announced.
Theresa Marcianti, 60, faces up to 20 years in prison and a $250,000 fine for one count of conspiracy to commit fraud and up to 30 years in prison and a $1 million fine for two counts each of bank and wire fraud.
From 2003 to 2008, Marcianti conspired with others to trick lenders into making home loans through the use of false statements. The conspirators cheated lenders by using straw buyers to qualify for the loans and taking a portion of the money for themselves.
Marcianti helped submit false information to the lenders, officials said.
The scammers obtained approximately 227 properties that had a total purchase price of more than $100 million.
The exact number of fraudulent transactions in which Marcianti was involved and the losses for which she is responsible will be determined at her sentencing Dec. 10.