Former WWE And WCW Wrestler Facing Five Years In Prison For $3.8 Million Mortgage Fraud
|By Daniel Pena | September 02, 2012 | Comments|
Source: TMZTommy 'Tiny' Lister, who performed in WWE as Zeus and World Championship Wrestling as Z Gangsta, has agreed to plead guilty to a mortgage fraud scheme that cost banks $3.8 million.
The 54-year-old actor entered the plea agreement Friday, the same day prosecutors charged him with conspiring from 2005 to 2007 to purchase homes he could not afford and to withdraw more than $1.1 million cash in home-equity loans that were not repaid.
According to the plea agreement obtained by TMZ, the No Holds Barred star admitted that he and five other individuals conspired to obtain four different mortgages on homes in Los Angeles, California using falsified records.
Lister, admitted he and his co-conspirators collected mortgages worth $5.7 million, all of which defaulted. Banks later sold them at a loss of more than $2.6 million.
He agreed to plead guilty in federal court in Los Angeles to conspiracy to commit mortgage fraud, a charge that carries a maximum sentence of five years in prison. He is due to appear in court later this month.
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