Former Lighthouse Financial executive Sheldon Harmon sentenced to 48 months

canstockphoto1683038 justice corporate crime  (Oregonlive.com) – By September 2008, Sheldon Harmon’s mortgage brokerage, Lighthouse Financial Group, had emerged as a Northwest epicenter of mortgage fraud. Several of his former employees had been indicted or were under investigation.

 

With Lighthouse in a death spiral, Harmon needed cash. He convinced Umpqua Bank to refinance his downtown Vancouver office building. Harmon took $1.3 million out of the deal. After Umpqua agreed to refinance, Harmon quickly defaulted on the loan. The bank claims it lost $2.2 million.

Harmon was sentenced to 48 months in prison Wednesday in U.S. District Court in Portland. He had pleaded guilty in May to charges of bank fraud, making a false statement to a bank and money laundering.

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This article was published on December 19, 2013. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements, laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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