Cole pleaded guilty last year to wire fraud and false representation of Social Security numbers. Investigators say Watkins acted as a recruiter with Cole to buy residential properties through fraudulent mortgage loans. Watkins a year ago pleaded guilty to conspiracy to commit wire fraud.
Prosecutors say the scam, going back to 2005, involved inflated property values, bogus Social Security numbers and improper lines of credit.
Cole and Watkins were sentenced Wednesday.