Las Vegas Sun

March 28, 2024

Court won’t reduce sentence for man in $15 million mortgage fraud scheme

CARSON CITY — The mastermind of a $15 million mortgage fraud scheme in Las Vegas has lost his appeal to a federal court to reduce his 11-year, three-month sentence.

Lloyd Gardley, 64, maintained he should have received a 30-month prison term from U.S. District Court Judge Gloria Navarro in 2013 because of his age, health and criminal history, according to court records.

The U.S. Ninth Circuit Court of Appeals today said Navarro’s sentencing decision was not unreasonable and it would not second-guess the judge.

The U.S. Attorney’s Office identified Gardley as the ringleader in a scheme to use straw buyers and submit fraudulent papers to obtain mortgage loans from 2005 to 2007. Ten people were implicated in the scheme.

Gardley pleaded guilty to one count of conspiracy to commit bank fraud, mail fraud and wire fraud, one count of bank fraud and two counts of mail fraud.

In addition to his prison sentence, he will have to serve five years of probation and pay $1.4 million in restitution.

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