Woman Sentenced For NJ Mortgage Fraud Scheme

A New York City woman who ran a mortgage fraud scheme in Atlantic City that reaped her more than $1 million has been sentenced to nearly 16 years in federal prison.

Jong Shin of the Bronx also must pay $4.6 million in restitution under the sentence imposed Wednesday. She also will have to serve five years of supervised release once she's freed from prison.

The 52-year-old Shin was convicted last October on counts of wire fraud conspiracy, making false statements and money laundering.

Prosecutors contended Shin and several others devised a scheme in which she bought seven properties, recruited people who couldn't afford them and grossly inflated their incomes on mortgage applications. The seven properties were bought and sold 17 times in a little more than six months.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)