ALBUQUERQUE, N.M. (AP) — Federal authorities say an Albuquerque real estate broker has been convicted on wire fraud charges.
Prosecutors say a federal jury returned a guilty verdict late Wednesday against 31-year-old Keith Michael Courtney after a three-day trial.
They say Courtney faces up to 20 years in prison when he’s sentenced at a future date.
Courtney and a co-defendant were indicted in November 2011.
The indictment alleged that between November 2006 and September 2007, Courtney and the other man schemed to defraud mortgage lenders by using straw buyers to apply for residential mortgage loans in Albuquerque and Santa Fe.
The mortgage companies reportedly lost about $1.6 million when the homes went into foreclosure.
At the time of the offenses, prosecutors say Courtney was part owner of Albuquerque-based construction, mortgage and real estate companies.