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PROVO -- A judge ordered five people who ran a huge mortgage scheme in Provo to repay their victims millions of dollars. The five men must pay back up to $5.5 million each.
The Daily Herald reports Bradley Kitchen, David Bolick, Steven Cloward, Ron Clarke and Jeffery Garrett pleaded guilty last summer to charges including mail fraud, wire fraud and conspiracy to commit mail and wire fraud.
They were indicted for running an elaborate, illegal property-flipping scheme in the upscale Provo Riverbottoms area. The scheme involved inflating property values and getting straw buyers, including Dave Fox, Mark Atkin and Verrell Blaisdell. Those three admitted being involved and agreed to testify against Kitchen.
The victims are three mortgage lenders and several hundred residents in the area whose property tax valuations soared.
Clarke will forfeit $5.4 million, Bolick and Cloward will pay $5.5 million to repay the victims.
The five men will be sentenced next week.