MTSU professor sentenced in $2.4M mortgage fraud

NASHVILLE, Tenn. (AP) -- A Middle Tennessee State University professor has been sentenced to 12 months and a day in prison in a mortgage fraud scheme.

According to a news release from the U.S. Attorney's Office in Nashville, Pamela Holder deceived a "straw buyer" into borrowing $2.4 million to buy a $1.5 million home in Hendersonville. Holder helped prepare and send false documents to secure the loan.

Holder then moved into the home. She spent part of the remaining money on diamond jewelry. When the straw buyer could not make the monthly $10,000 payments, the mortgage defaulted and the home was foreclosed upon.

Holder was found guilty of bank fraud and wire fraud at an April trial. She is a professor of nursing at MTSU and the former coordinator of the state Board of Regents online degree program.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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