(Sioux City)– A northwest Iowa real estate broker accused of stealing mortgage loan proceeds during real estate closings has been sentenced in U.S. District Court to more than four years in federal prison.
60-year-old Jean Hoffert of Emmetsburg was sentenced Wednesday after pleading guilty July 5th of last year to one count of mail fraud.
At the guilty plea hearing, Hoffert admitted defrauding others out of money and using the U.S. Mail as part of the fraud.
According to information disclosed in court, when acting as a settlement agent, Hoffert failed to pay off prior mortgage loans that were supposed to be paid off following mortgage loan refinancings. In other instances, the prior mortgage loans were paid off late. According to court documents, Hoffert caused over $400,000 in loss to more than 10 different victims.
In addition to a 57 month prison sentence, Hoffert was also ordered to pay a $100 special assessment and was ordered to make restitution of $324,088 to individuals and banks that suffered economic harm. She must also serve a three-year term of supervised release following the prison term.
Hoffert was released on the bond previously set and is to surrender to the Bureau of Prisons on a date yet to be set.
The case was investigated by the Spencer and Emmetsburg Police Departments, the Iowa Division of Criminal Investigation, the U.S. Postal Inspection Service and the Federal Bureau of Investigation.
