Pearland Man Sentenced to Prison for $16M Loan Fraud

A Pearland man was sentenced last Monday to seven years in prison for his involvement in a major fraud operation.

Derwin Frazier, 45, must also pay approximately $16 million in restitution. He had previously pleaded guilty to money laundering, while his wife pleaded guilty to committing wire fraud. She is required to pay $322,000 in restitution and serve one year in confinement.

The Fraziers were accused of bilking money from residential lenders. They helped people apply for loans by using bogus information, then split the funds with the involved borrowers.

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