SALT LAKE CITY -- A 30-year-old Midvale man has been sentenced to 90 months in federal prison for running a $12.7 million financial fraud scheme.
U.S. District Court Judge Ted Stewart also sentenced Christopher D. Hales to serve 60 months of probation after his release from prison. He was ordered to pay back the money and attend drug and alcohol treatment.
Hales pleaded guilty to one count of bank fraud as part of a plea deal. He had initially faced 10 counts of mail, wire and bank fraud and money laundering.
Prosecutors say he obtained false home appraisals, then pocketed the difference between the inflated loan and the sale price.
Prosecutors say Hales' lavish lifestyle included throwing $100,000 parties in Las Vegas.
Hales has apologized for the wrongdoing.