Ninth Convicted Metropolitan Money Store Conspirator Personally Caused $16 Million in Losses to Mortgage Lenders

Wilbur Ballesteros, age 33, of Lanham, Maryland, pleaded guilty today to conspiracy to commit mail and wire fraud in connection with a mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit, announced United States Attorney for the District of Maryland Rod J. Rosenstein....

Ballesteros faces a maximum sentence of 30 years in prison and a $1 million fine for the conspiracy. U.S. District Judge Roger W. Titus scheduled sentencing for December 7, 2009 at 9:00 a.m. As part of his plea, Ballesteros has agreed to pay restitution for the full amount of the victims' losses.

Ballesteros is the ninth defendant to plead guilty in the Metropolitan Money Store mortgage fraud scheme. Eight other defendants have pleaded guilty to the conspiracy and are facing a maximum sentencing of 30 years in prison....