8 convicted in Dallas-area mortgage fraud scam
DALLAS (AP) - An Irving businessman who aired an infomercial on
making money in real estate has been convicted of fraud.
No sentencing date was immediately announced for 57-year-old
Eric Rulack Farrington Jr.
Prosecutors say Farrington was among eight defendants convicted
Monday in Dallas over mortgage fraud since March 2002.
A jury convicted Farrington of conspiracy to commit wire fraud,
bank fraud and aiding and abetting, 15 counts of wire fraud and
aiding and abetting, 10 counts of money laundering and aiding and
abetting and five counts of engaging in a monetary transaction with
criminally derived property and aiding and abetting.
Wire fraud convictions carry maximum 20-year prison terms. The
penalty for bank fraud is up to 30 years in prison. Money
laundering carries punishment of up to 20 years in prison.
The defendants must forfeit at least $4.5 million.