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New Century worker sentenced

April 30, 2008|From Times Wire Services

A former loan officer at bankrupt sub-prime mortgage lender New Century Financial Corp. in Irvine was sentenced to three years in prison and ordered to pay $769,229 for taking kickbacks and siphoning cash from borrowers' escrow accounts, U.S. prosecutors said.

Renato Gonzales Quiazon, 54, of Hayward, Calif., devised a scheme to use a mortgage broker's name on loans that Quiazon processed, prosecutors said, giving 20% of the commission to the broker and keeping 80% for himself. The scam lasted from 2000 to 2004, prosecutors said.

New Century, once the second-biggest independent sub-prime mortgage lender in the U.S., shut its home-lending business last year. It filed for bankruptcy last April.

COMPENSATION

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