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SALT LAKE CITY -- A Utah tax planner has been sentenced to more than five years in federal prison for his role in a $2.9 million mortgage scheme using the favorable credit ratings of "straw buyers" to secure home loans.
Ronald W. Haycock Sr. of Bountiful was one of three men charged in a 38-count federal indictment in 2009.
The 63-year-old pleaded guilty to reduced money laundering and conspiracy charges in December.
U.S. District Court Judge Clark Waddoups in Salt Lake City sentenced Haycock on Tuesday to 66 months in prison and more than $2.3 million in restitution.
A 46-year-old co-defendant, Lyle Smith, also pleaded guilty to reduced charges. He's serving a 56-month prison term.
A jury in March convicted 59-year-old James Melwood Johnson of 27 charges. His sentencing is set July 18.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
