A 37-year-old Rockville man was sentenced last week to 18 months in prison for wire fraud in connection with a mortgage fraud scheme, according to federal officials.
On Jan. 23, a federal judge also ordered Edgar Galdamez to serve three years probation and pay $515,000 in restitution.
Officials from the Maryland U.S. Attorney’s Office said that Galdamez conned buyers looking to purchase homes as investments.
Galdamez and others involved in the scheme prepared and submitted false loan applications to a lending institution in the name of those buyers to obtain loans.
According to a statement detailing his sentencing, Galdamez and his co-defendants often inflated the buyers’ income and falsely stated the purpose of the properties so they could get a lower interest rate.
Galdamez’ attorney, Allen Howard Orenberg, declined to comment about the sentencing.