Ex-broker faces sentencing in mortgage scam

July 02, 2008 06:27 am

— HARRISBURG (AP) _ A former mortgage broker who pleaded guilty to mail fraud in a scam that prosecutors say cheated hundreds of Pennsylvania homeowners out of millions of dollars is being sentenced today in federal court in Harrisburg.
Wesley A. Snyder is accused of engaging in a Ponzi scheme in which he defrauded more than 800 borrowers and 31 investors out of $29 million.
He owned six defunct businesses in Reading that included the mortgage companies Personal Financial Management and Image Masters Inc.
Assistant U.S. Attorney Kim Douglas Daniel says some victims have asked for time to speak before U.S. District Judge Yvette Kane sentences Snyder.
Snyder, who faces up to 30 years in prison, has indicated in court papers that he plans to ask for leniency.