2 Tucson men get prison in a mortgage fraud scheme
TUCSON, Ariz. -- Two Tucson men have been sentenced to federal prison for their role in a mortgage fraud scheme.
Prosecutors say 69-year-old William Michael Naponelli received a two-year prison term while 52-year-old Bryan Atwood was sentenced to 15 months.
Naponelli also was ordered to pay more than $3 million in restitution with Atwood paying about $585,000.
Naponelli pleaded guilty in December to conspiracy to commit bank fraud and conspiracy to commit transactional money laundering.
Atwood pleaded guilty in February to conspiracy to commit wire fraud.
Authorities say Naponelli is a former real estate developer and loan officer who obtained various loans between July 2006 and May 2007 and sold properties to straw buyers.
Atwood is a former licensed real estate agent who admitted to obtaining three properties through fraudulently obtained loans.