Mar
31

Player in Big SC Mortgage Fraud is Sentenced

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go to jailOne of the perpetrators in an elaborate coastal mortgage fraud that grew out the pre-recession real estate boom was sentenced to 30 months in federal prison Wednesday.

Steven F. Weiss, 67, also was ordered to pay restitution of nearly $5 million based on the losses tied to his involvement in the Summerville-based scheme.

Weiss, a former loan officer at a Trolley Road mortgage firm, had sought a punishment without prison time, according to a document filed with U.S. District Court in Charleston.

He was facing five years behind bars.

Judge Richard Gergel said he cut the prison term in half based on Weiss’ age, his failing health, his lack of a prior criminal record and his cooperation with prosecutors. He also said he balanced those factors against the “elaborate and methodical” nature of the crime.

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