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Indiana man gets prison time in scam, ordered to repay $487,000

LOUISVILLE, Ky. – A southern Indiana man has been sentenced to 15 months in federal prison and ordered to pay $487,111in restitution for his role in a scheme to defraud various banks and mortgage lenders.

The U.S. Attorney’s Office in Louisville says Dane Little of Jeffersonville, Ind., admitted to devising the plan with five others to purchase 19 properties in Kentucky and Indiana.

A grand jury in Louisville indicted the six in February 2011, charging that they executed the plot over a period from 2006 through 2008. The indictment states that they submitted false applications and other documents for loans containing false employment information and fake bank account balances.

U.S. District Judge Charles Simpson III sentenced Little earlier this week. All six defendants have pleaded guilty. Little and another defendant have been sentenced.