Mortgage "Bonded Promissory Note" scammer gets 25 years

[Judge Roy Bean]

The perpetrator of the "Gateway" program has been sentenced to 25 years.

(Original conviction PR: http://www.fbi.gov/losangeles/press-rel ... 012411.htm

Sentencing: http://www.wallstreetswindler.com/2011/ ... re-scheme/

McGrue and the others falsely told homeowners that, if they paid an enrollment fee and monthly rent and signed over title of their homes to Gateway, McGrue would use “bonded promissory notes” purportedly drawn on a U.S. Treasury Department account to pay off their mortgages, thereby stopping foreclosure proceedings. The homeowners were falsely told that lenders were legally required to accept the notes, that they would be able to buy their homes back from Gateway International at a discount, and that they would receive up to $25,000, even if they chose not to re-purchase their houses.

Compared to this guy, Johnson and Heineman got off easy.

[bjn4645]

Hi Judge,
I'm not too sure if I would agree with Johnson and Heineman getting off easy. They got 25 and 21 years respectively. Only being able to exit prison after their 65th birthdays.

Who did, in my opinion, get off easy was McGrue co-conspirators: Gerald Guidry and Ronald Morgan. Guidry pleaded guilty to conspiracy and making false statements and faced a maximum statutory sentence of 10 years and Morgan pleaded guilty to conspiracy, facing a maximum statutory sentence of 5 years.

Thanks for the post,
Bojan

Mod redacts commercial link. No commercials, please.

[AnthonyKeene]

Hello there,
I would like to comment on all the messages going back and forth regarding Bonded Promissory Notes. First I think everyone is getting confused about Bonds in general. There are several types of Bonds and each one has its own purpose. It was further part of the conspiracy that the conspirators would and did keep the total price of the purchase of the books under $10,000 so that the process of purchasing the books would not have to go through the bid process,” the indictment stated.

Anthony

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