U.S. Attorney Laura E. Duffy announced in a statement Monday the sentencing of Brian Nels Peterson for creating millions of dollars in fraudulent mortgage applications between 2005 and 2007.
Peterson headed Terra Finance mortgage company, which generated between $80 and $100 million in residential mortgage loans at its height. Peterson earned over $1 million from his fraudulent business through broker's fees, kickbacks, and other sources in just 2006. He also failed to report that money to the Internal Revenue Service.
When his business crumbled, millions were lost, dozens of homes foreclosed, neighborhoods depressed, and 26 people who worked with the company indicted.