The former manager of defunct First Olympic Settlement Services was sentenced to five years in prison today for wire fraud and conspiracy.
Catherine Slane, 54, of Frazer, was found guilty at an April jury trial following testimony that she ran an office of the Pittsburgh-based firm where employees lied to buyers about the condition of properties, falsified loan applications and other documents, inflated appraisals and sales properties and ginned up faux down payments to close sales.
The fraud cost mortgage companies and borrowers $989,293, the court found.
Slane's attorneys argued that she was just a subordinate at First Olympic, and that the fraud wasn't overly sophisticated. U.S. District Judge Nora Barry Fischer disagreed, but still sentenced Slane below the federal guidelines of seven to nine years.
After release, Slane faces a year of probation.
Rich Lord: email@example.com or 412-263-1542. Twitter: @richelord.