A former mortgage broker in Destin has been sentenced to two years in prison and ordered to pay $1.8 million in restitution after he was found guilty of bank fraud in December.
Randolph Branham, 46, was sentenced Thursday in federal court for multiple counts of bank fraud. It stems from a five-count indictment that alleged Branham overstated his income to financial institutions and mortgage lenders on mortgage loan documents for land in Destin, Panama City Beach and Freeport.
According to a news release from the U.S. Department of Justice, Branham submitted letters falsely inflating his income as part of a scheme to defraud lenders. About $2.4 million in loans was issued by the lenders as a result of the fraud.
Lenders defrauded were First National Bank of Florida, SunTrust Mortgage, Trustmark National Bank, First City Bank of Florida, IndyMac Bank (now known as OneWest Bank) and Bank of America.
Branham also was convicted in December 2011 of conspiracy to commit bank fraud and bribery of a loan officer. He was one of five local people convicted of bank fraud against Southwest Georgia Farm Credit.
However, he was granted a new trial before he was sentenced, according to Assistant U.S. Attorney Len Register. The government dismissed that indictment and recharged him based on testimony from more victims.
Contact Daily News Staff Writer Angel McCurdy at 850-315-4432 or amccurdy@nwfdailynews.com. Follow her on Twitter @AngelMnwfdn.