Broker Firm owner sentenced in MN

The part owner of Legacy Lending in Minnesota was sentenced on March 5th. Frederick Earle Deen, age 30 was sentenced to twenty four months in prison for his role in a Twin Cities, Minnesota mortgage fraud scheme. The scheme involved over twenty million dollars.

The sentence of twenty four months is a reduction from the forty six to fifty seven months the sentencing guidelines call for. The reduction which was handled down by United States District Court Judge, Richard Kyle came with the expectation that Mr. Deen will be cooperating with investigators and testify at future proceedings. Mr. Deen’s Attorney Joe Friedberg assured Judge Kyle that Mr. Deen would indeed cooperate in the future.

Mr. Deen and his co-conspirators used straw buyers to obtain mortgage loan from financial institutions between 2005 and 2007. Deen and his co-conspirators used inflated appraisals and obtained over two million two hundred thousand dollars in loan proceeds. The loans obtained by the conspirators involved properties in Rogers and Otsego, Minnesota.

Mr. Deen after indictment pleaded guilty to wire fraud and evading taxes. Mr. Deen at sentencing apologized to his friends and family for his actions.

Mr. Deen’s Attorney Joe Friedberg stated that Mr. Deen and others involved in the scheme were scared to death of Taylor Trump. Mr. Trump has a criminal record and was sentenced to twenty years in prison back in 2008. Mr. Trump has served as a policy informant. The United States Bureau of Prisons stated that Mr. Trump is in custody but would not disclose his current location within the system.

Attorney Friedberg stated that his client was worried that his body would end up in a field. Assistant United States Attorney, Tim Rank informed the court that Trump work alongside of Mr. Deen for two years. Mr. Deen continued his fraudulent activity with other co-conspirators after Mr. Trump was no longer involved.

The other conspirator in the case is Thomas John Hunter. Mr. Hunter is also a part owner of Legacy Lending and pleaded guilty to wire fraud and money laundering earlier in the week.

Mr. Deen has been released and is expected to surrender to federal authorities in six weeks. His attorney has asked if Mr. Deen can serve his sentence at the Federal Prison in Duluth, Minnesota.