Loan officer gets nearly six years in prison for role in mortgage-fraud ring

Ralph Appolon, 30, formerly of Watertown, was sentenced to 70 months in federal prison for his part in a mortgage-flipping scheme that netted participants $10.6 million, the US Attorney's Office in Boston reports.

Appolon is the last of 12 people to be sentenced for fraud for their scheme to use straw buyers to obtain mortgage fees from lenders on properties in Dorchester, Jamaica Plain, Hyde Park, South Boston and the South Shore in 2005. The ring submitted false income and asset statements for buyers, who would then default on the loans they couldn't afford. Some of the documents also listed inflated purchase prices. According to a statement:

Appolon was convicted on charges regarding two of the properties in South Boston and Dorchester. At trial, the government presented evidence of Appolon’s involvement in fraud regarding two additional properties. The difference between actual purchase prices negotiated with sellers and the inflated purchase prices submitted to lenders ranged as high as $80,000 on individual properties. From these fraudulent property transactions, Appolon received over $150,000.

Appolon was convicted after a jury trial in February; other ring members pleaded guilty. Police stumbled onto the ring while investigating a murder.

• The indictment against ring members.