A Phoenix man has pleaded guilty to one count each of fraud and money laundering for what state prosecutors say was a scheme to get cash loans by using victims' homes as collateral.
The Arizona Attorney General's Office says a plea agreement requires Daniel Barraza Nevarez to serve at least eight months in jail and to pay $21,708 of restitution for victims' legal fees.
The office says Nevarez filed fraudulent quit-claim deeds transferring ownership of homes in Paradise Valley, Scottsdale, and Phoenix and then tried to use the homes as collateral to secure cash loans.
According to the office, Nevarez used a false identity but an undercover operation by the office and Scottsdale police produced his true identity.
Nevarez pleaded guilty Oct. 4 and faces a Nov. 8 sentencing.