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Tucsonan convicted in mortgage fraud scheme

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Posted at 12:03 PM, Feb 01, 2017
and last updated 2017-02-01 14:03:36-05

Tucsonan Michael Quiroz was found guilty in a mortgage fraud scheme Jan. 27.

According to the IRS, Michael Quiroz was convicted in U.S. District Court of four counts of wire fraud and one count of conspiracy to commit wire fraud.

Prosecutors say Quiroz and co-conspirators recruited fake buyers to buy residential properties at high prices. Quiroz and others then used the buyer's profile to apply for more mortgages. Many of the properties purchased later went into foreclosure due to failure to make mortgage payments.

Quiroz will be sentenced April 14.