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Two Sentenced In Home Foreclosure Scam

Posted on: 6:48 pm, July 26, 2013, by

jail bars

(Memphis) Two Mid-South men have been sentenced to 33 months in prison for running a home “flipping” scheme.

Prosecutors say Michael Pinkley and Alan Price would give phony appraisals on foreclosed homes in need of work.

The scam inflated the value of  the properties and allowed them to borrow more money.

Both men have also been ordered to pay more than $1.2 million in restitution.