Pratt Sentenced to Ten Years for Mortgage Scam
Marion Pratt, 34, from Brooklyn Park, MN was sentenced to ten years prison for his role in a mortgage scam that has left North Minneapolis, MN in a foreclosure nightmare.
Hennepin County Judge Steven Lange told Pratt at his sentencing that “there is greed and then there is greed and in this case, it’s my considered judgment your greed should be spelled with a Capital G.” Judge Lange sentenced Pratt to more time then the prosecution was asking for in the case. Pratt was charged on seventeen counts of theft by swindle and two counts of racketeering.
Judge Lange said that Mr. Partts crimes ran from 2004 to 2007 and he gained over seven hundred thousand dollars from the mortgage scam that eventually resulted in over seventeen residential properties in North Minneapolis, MN falling into foreclosure. The loan amounts in the scam exceeded over three million dollars and Judge Lange believes Mr. Pratts crime contributed to bank collapses and the countries need for billions of dollars in bailout monies. Lange believes the pervasive, sophisticated swindle merited the lengthy sentence. Judge Lange is retired and took the case against Pratt as a special assignment.
Mr. Pratts Attorney, Larry Reed, have asked for the removal for Judge Lange due to conflict of interest as Judge Lange was a lead witness for the defense in a federal lawsuit against Hennepin County Medical Center, a Minneapolis Police Sergeant and an emergency room physician. Reed is appealing the convictions against Mr. Pratt and Judge Lange’s role in the case. Reed thus far has been unsuccessful in his efforts. The State Court of Appeals on September 23rd refused to take on the case on the issue of Judge Lange. Reed still intends to appeal everything stating that there was no theft by Mr. Pratt and that his client cannot be held responsible for the mortgage industries loan crisis.
Tom Fabel, the Assistant Hennepin County Attorney requested that Pratt receive eight years and told the court that Mr. Pratt was not the leader in the crimes that resulted in the North Minneapolis neighborhood foreclosures.
Pratt who sat luxury in the courtroom sipping from a straw and eventually turned to the audience in the courtroom mostly composed of his family members and told them he grew up in the projects and saw children do unimaginable things. He continued to say that he has never done anything to merit prison time. He told the audience that the world needs someone like me and I can’t apologize for that; citing his Christianity. Mr. Pratt according to his probation officer has said he feels that he is being picked on; that his community needs him and that he doesn’t know whom he victimized. He motioned the peace sign and told his family he loved them.
The trail against Mr. Pratt lasted over two months and over one thousand pages of exhibits were presented. The exhibits presented by the prosecution were to prove that Mr. Pratt as a mortgage originator overstated the value of the residential properties on mortgage applications and kept the difference between the purchase price and the loan amount as a kickback. Mr. Pratt also advanced money to borrowers for down payments to assist in smoothing the progress of loan frauds. The mortgage industry in general requires that down payments on mortgage loans come from the personal funds of the borrower. Court documents reveal that the first occurrence took place in November of 2004 involving a home in Brooklyn Center, MN. Mr. Pratt took a thirteen thousand dollar kickback. The final occurrence took place in October of 2006 revealed that Mr. Pratt received over thirty thousand dollars in kickbacks.
Mr. Pratt has had no prior convictions and was also fined five hundred thousand dollars and was taken into custody immediately.
Six other individuals were also convicted or have pleaded guilty for the roles they played in the fraud scam that were perpetrated by Universal Mortgage. The Company did business in North Minneapolis, Brooklyn Center and Golden Valley.
Mr. Pratt it seems is not done with his legal issues. Prosecutors are also looking to charge Pratt with charges revolving around straw buyers.
