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Richmond man sentenced in fraud scheme

Saturday - 2/16/2013, 3:07pm  ET

RICHMOND, Va.- A 75-year-old Richmond man has been sentenced to 14 months in prison for mail fraud and money laundering.

Allen Mead Ferguson also was ordered Friday in federal court in Richmond to forfeit $5.7 million and pay $2.9 million in restitution.

Federal prosecutors say Ferguson obtained millions of dollars in loans from financial institutions through fake loan applications to maintain his social status.

Ferguson filed for bankruptcy in 2011.

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