Prosecutors say a Dallas-area businessman who led a $29 million bank fraud loan scheme and advised clients to lie about their finances has been sentenced to 14 years in federal prison.
Eddie Contreraz of Frisco must also repay nearly $13 million in the scam involving about 2,300 loans.
Contreraz in March pleaded guilty to bank fraud. Contreraz, who was sentenced Monday in Dallas, led the scheme from 2011 into 2016.
Investigators say 10 banks were targeted by a Contreraz company operating as a credit repair business. Clients were often unemployed, had poor credit or lacked financial documents.
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.
Contreraz would establish a relationship with a bank, advise clients to provide false information and electronically transmit documents or have his staff escort applicants to the bank.
Several Contreraz workers also pleaded guilty.