Eight convicted in mortgage fraud scam

DALLAS, TX No sentencing date was immediately announced for 57-year-old Eric Rulack Farrington Jr.

Prosecutors say Farrington was among eight defendants convicted Monday in Dallas over mortgage fraud since March 2002.

A jury convicted Farrington of conspiracy to commit wire fraud, bank fraud and aiding and abetting, 15 counts of wire fraud and aiding and abetting, 10 counts of money laundering and aiding and abetting and five counts of engaging in a monetary transaction with criminally derived property and aiding and abetting.

Wire fraud convictions carry maximum 20-year prison terms. The penalty for bank fraud is up to 30 years in prison. Money laundering carries punishment of up to 20 years in prison.

The defendants must forfeit at least $4.5 million.

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