Ex-Wells Fargo loan officer pleads guilty in $4.3 million fraud

A former Wells Fargo & Co. loan officer has admitted his involvement in a $4.3 million mortgage fraud racket, authorities said.

Larry Gene Hillard pleaded guilty to conspiracy to commit wire fraud in federal court Tuesday, the U.S. Attorney's Office said in a news release.

The 56-year-old Maple Grove man helped Invescorp owners Truang Quang Tran and Thanh Van Ngo submit fraudulently secure more than $4.3 million in loans for 12 properties, prosecutors said. Losses in the scheme exceeded $1.4 million, they said.

Wells Fargo could not be immediately reached for comment.

UPDATE: A Wells Fargo spokeswoman declined to comment, citing a policy of not discussing past or present team members.

Tran and Ngo have been sentenced to two years and one year in prison, respectively, for their roles, prosecutors said. Three other co-defendants have also been sentenced.


Read more: Minneapolis / St. Paul Business Journal