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Friday, June 01, 2012

Ind. Decisions - 7th Circuit decides one Indiana case today

In U.S. v. Sheneman (ND Ind., DeGuilio), a 17-page opinion, Circuit Judge Kanne writes:

Michael Sheneman and his son Jeremie engaged in an elaborate mortgage fraud scheme that convinced unwitting buyers to purchase a large number of properties they could neither afford nor rent out after purchasing (as they had planned). As part of the scheme, mortgage lenders were duped into financing these ill-advised purchases through various misrepresentations about the buyers and their financial stability.

All told, four buyers with few assets and no experience in the real estate market purchased sixty homes. Most of the homes were eventually foreclosed upon, and the buyers and lenders each suffered significant losses. Sheneman was subsequently convicted of four counts of wire fraud and sentenced to ninety-seven months’ imprisonment. On appeal, he challenges the sufficiency of the evidence supporting his conviction, as well as the district court’s application of two sentencing enhancements. We find none of these contentions meritorious, and accordingly affirm his conviction and sentence.

Posted by Marcia Oddi on June 1, 2012 11:48 AM
Posted to Ind. (7th Cir.) Decisions