TUCSON, Ariz. (AP) - A former Tucson loan officer has pleaded guilty to wire fraud and money laundering.
Prosecutors say 53-year-old Rex Adams is facing between 18 and 24 months in federal prison when he's sentenced March 20.
The Arizona Daily Star says Adams also has agreed to pay more than $2.5 million in restitution.
Adams was indicted in February on conspiracy to commit wire fraud, wire fraud and false statement to influence a financial institution charges.
It was alleged Adams and co-conspirators committed mortgage fraud between February and June 2006 by using straw buyers to buy nine properties ranging from $530,000 to $1.3 million in Tucson, Nogales and Vail.
The buyers used $6 million in fraudulent loans to buy the properties.
Adams entered his plea Monday in U.S. District Court in Tucson.
Information from: Arizona Daily Star, http://www.azstarnet.com
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