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.
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