HOUSTON (October 31, 2012)—Patrick Cody Morgan of Alvin faces as much as 300 years in prison in a $20 million fraud and mortgage scam case.
A federal judge in Houston has ordered Morgan to remain in custody pending sentencing in February after a jury convicted him of conspiracy to commit bank fraud and nine counts of bank fraud.
Investigators say Morgan and several co-conspirators from mid-2004 through September 2007 ran a condominiums loan scam.
Co-defendants recruited recruit individuals with good credit to seek loans, but who then would fail to repay the money.
The scheme involved about 100 properties and loans topping $39 million.
About half of the loan money was lost.
Morgan, who represented himself at trial, faces as much as 30 years in prison per count.
Five co-defendants pleaded guilty and await sentencing.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.