Bloomington man sentenced in Sexton Lofts mortgage fraud case

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January 30, 2012 // UPDATED 2:45 pm - January 31, 2012
By: Sarah McKenzie
Sarah McKenzie
A 66-year-old Bloomington man was sentenced today to 50 months in prison for his involvement in a $2.5 million mortgage fraud scheme at the Sexton Lofts.

Gerald James Greenfield was sentenced at the federal courthouse in Minneapolis on one count of conspiracy to commit money laundering and fined $10,000, according to a news release from United States Attorney B. Todd Jones’ office.

In a plea agreement, Greenfield admitted to his involvement in the mortgage fraud scheme with Brett Thielen, among others.  Thielen sold condos at the Sexton, 521 S. 7th St., to financially unqualified buyers and fraudulently got mortgage lenders to lend those buyers money for the condos.

Thielen also artificially inflated the condo prices. Greenfield helped him hide the profits from sales, according to the news release.

Thielen, 43, of Savage was sentenced to 27 months in prison on Dec. 21, 2010.