Real Estate Agent Pleads Guilty to Scam

A real estate agent pleads guilty to a multi-million dollar home loan scam Friday.

53-year-old David Kostelec along with others fraudulently obtained more than $12 million in home loans.

Kostelec admitted that he and his conspirators defrauded lenders from July 20th, 2002 through October 14th, 2005.

Sentencing is scheduled for February 2nd.

Kostelec faces five to thirty years in prison and fines of $250 thousand up to $1 million.