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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA Noblesville man was sentenced to one year of home detention yesterday after pleading guilty to mortgage fraud in federal
court. He also was ordered to pay $262,424.76 in restitution to three lending institutions.
Marvin G. Hampton,
66, operated a real estate company, Glen Mar Land & Home Corp., that bought homes in poor neighborhoods at prices between
$5,000 and $30,000.
He would make minimal repairs and sell the properties for up to $70,000 to investors he recruited
to purchase the properties as rental properties, according to a release from the U.S. Attorney’s Office. Hampton paid
the buyers a $1,500 incentive fee and promised he would find renters and make up any missed payments for the first six months.
Hampton made an average profit of $20,000 on each home, but didn’t deliver the help he promised to the buyers,
the U.S. Attorney’s Office said. Nearly all of the properties now are in foreclosure.
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