(WIBW) - A Missouri man has pleaded guilty to defrauding federally insured mortgage lenders out of more than $3 million dollars.
31-year old Anthony Carollo of Raytown pleaded guilty Thursday to conspiracy to commit bank fraud, money laundering and wire fraud.
Prosecutors say Carollo and other conspirators arranged for a number of people to buy homes that were for sale by owner by submitting loan applications to lenders that included false information, including employment and rent history and income.
Prosecutors say Carollo was a manager for a business called Gourmet Grocers and was able to help these fraudulent buyers by providing false employment information for them on applications.
Carollo faces up to 30 years in prison when he's sentenced November 16th.
25-year old Rebecca Gelwix of Des Moines, IA also pleaded guilty in the scheme Thursday.