first_img 56SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » An Atlanta business owner was sentenced to three years in prison last week for running a home equity loan fraud scheme that led to losses of nearly $3 million for the $82 billion Navy Federal Credit Union.U. S. District Judge Claude M. Hilton also ordered Thomas Scott Brown, 47, to pay $2.7 million in restitution and to serve five years of supervised released following his prison term. He pleaded guilty in May to one felony count of bank fraud and one felony count to making a false statement to a financial institution.Federal prosecutors said Brown ran an investment properties company in Macon, Ga.Starting in June 2006 Brown purchased properties for buyers with his own money, used a law firm that specialized in real estate transactions to transfer ownership to the buyers and claimed they paid him in full for the properties.  However, the properties, some of them foreclosed, were still owned by Brown, prosecutors said in court documents.last_img