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January 16, 2013

Prison sentences in mortgage fraud case

TACOMA (AP) — Three Pierce County women have been sentenced to prison time for their roles in a mortgage fraud conspiracy that helped sink Pierce Commercial Bank.

The U.S. attorney's office says the three helped Shawn Portmann carry out the scheme from 2004 to 2008. Portmann closed nearly $1 billion in fraudulent loans, and more than half of the loans have defaulted. He's due to be sentenced Jan. 28.

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