Prince Charles Eweka, a Canton real-estate broker, yesterday admitted he used straw buyers to defraud lenders out of $548,000 for condos in two buildings he owned, the US Attorney's office in Boston reports.
Eweka will be sentenced on Jan. 20. He faces up to 20 years in prison and fines of $250,000 for each violation.
Prosecutors say Eweka recruited a series of straw buyers who would submit falsified loan documents to out-of-state mortgage lenders for units allegedly selling at higher prices than they were worth. Eweka allegedly put up the money for their down payments, paid them for their trouble, then pocketed the difference between the loan amount and the actual value of the units. The straw buyers would then default on their loans, leaving the lenders hanging, the feds charge.