Mortgage Fraud Co-Schemers Sentenced in Case That Crippled Pierce Commercial Bank

WASHINGTON, D.C. – January 15, 2012 – (RealEstateRama) — Three Pierce County women who played important roles in a mortgage fraud scheme that crippled now defunct Pierce Commercial Bank were sentenced yesterday in U.S. District Court in Tacoma, announced U.S. Attorney Jenny A. Durkan. All three of the women worked for years with scheme leader Shawn Portmann, whose fraudulent loans resulted in losses of more than $10 million. Portmann will be sentenced later this month. U.S. District Judge Benjamin H. Settle will determine restitution later this year.