(KMOV)--The United States Attorney’s Office announced today that a local loan officer was sentenced to 12 months and one day in prison for falsifying information with applying for financing.
According to court documents, since 2004, Kimberly Rivers had been buying residential real estate in the St. Louis area for investment purposes, and financed her real estate purchases through loans from her employer DAS Acquisition Company, LLC d/b/a USA Mortgage (DAS), DAS is a mortgage lending company with offices located in St. Louis County where Rivers was employed as a loan officer and loan processor.
By early 2006, Rivers began to experience significant cash flow problems and could not keep up with her loan payments. Around that time and continuing through November 2007, Rivers falsified information when applying for financing.
She provided DAS with fraudulent rental income amounts and fictitious written lease agreements which allegedly showed that actual persons were living in Rivers's properties and paying rent to her.
DAS loaned funds to Rivers for the purchase of real estate and for the refinancing of existing loans.
Rivers defaulted on most of the loans she obtained from DAS, and caused financial losses in excess of $758,000.
Rivers, 35, St. Louis, pled guilty last September to two felony counts of mail fraud, and appeared Thursday, for sentencing before United States District Judge Carol E. Jackson.