A federal judge on Tuesday handed down the latest sentence in Operation Wax House, one of the Charlotte area’s biggest mortgage fraud investigations.
U.S. District Judge Max Cogburn Jr. ordered 33 months in prison, plus three years of supervised release, for Sarena Mobley, a California flight attendant and actress.
Authorities said she acted as a “straw buyer” who bought a Waxhaw house for $1.5 million in exchange for a $200,000 kickback.
It was the latest sentence in the long-running federal mortgage fraud case. Carried out mostly in 2006 and 2007, Wax House involved about 80 homes and $100 million in loans in pricey subdivisions in south Charlotte and Waxhaw.
More than three dozen defendants have been charged, including builders, brokers and appraisers. Prosecutors expect the number to climb to 70, they have said. Thirty-three people have been sentenced. Kirsten Valle Pittman
The Charlotte Chamber on Tuesday night presented Harvey Gantt with its 2011 Citizen of the Carolinas award.
Gantt, 68, who in 1983 was elected Charlotte’s first black mayor, told the crowd at the chamber’s annual meeting that he hoped Charlotte would continue to nurture “creative leadership” focused on “finding common ground.”
Past recipients of the award, which honors leadership and innovation, include the Rev. Billy Graham, Michael Jordan, and Federal Reserve Chairman Ben Bernanke.
The Belk Innovation in Diversity Award, which recognizes organizations that embrace diversity, was presented to the law firm of King and Spalding. Staff Reports
Multifamily complexes sold
Highlighting the continued popularity of multifamily complexes, three Charlotte-area properties were recently sold to investors.
Chicago-based investment firm Westdale Investment Partners LLC purchased Galleria Village Apartments for $18.5 million. The 210-unit complex, located at 1616 Galleria Club Lane in Charlotte, was built in 2005.
Dean Smith of ARA in Charlotte represented the seller.
And Atlanta-based Cortland Partners made its first mark in the Charlotte market. The real estate company bought Cameron at Hickory Grove at 5625 Keyway Blvd. and Delta Crossing at 6000 Delta Crossing Lane. Both are garden-style communities. The deals closed in late October.
Cortland Partners paid $7.54 million for the 202-unit Cameron at Hickory Grove. Cortland Partners said the owner gave the property back to its lender in December. The company paid $7.3 million for the 178-unit Delta Crossing. Kerry Singe
Buyer in mortgage fraud gets 33 months in prison
