United States Attorney Gregory G. Lockhart
Southern District of Ohio

FOR IMMEDIATE RELEASE AUGUST 5, 2008 http://www.usdoj.gov/usao/ohs	CONTACT: Fred Alverson 614-469-5715
TITLE AGENCY EXECUTIVE SENTENCED TO TWELVE MONTH PRISON TERM IN CONSPIRACY, MONEY LAUNDERING, MORTGAGE FRAUD SCHEME

CINCINNATI - Steven C. Gittinger, age 50, of Cincinnati, was sentenced in United States District Court today to twelve months and one day imprisonment for conspiracy to commit bank fraud and money laundering stemming from his participation in a mortgage fraud scheme.

Gregory G. Lockhart, United States Attorney for the Southern District of Ohio, Jose Gonzalez, Special Agent in Charge, Internal Revenue Service Criminal Investigation, and Keith L. Bennett, Special Agent in Charge, Federal Bureau of Investigation, announced the sentence handed down today by Senior United States District Judge Herman J. Weber.

Gittinger pleaded guilty in May to one count of conspiracy to commit bank fraud and one count of money laundering. According to the statement of facts filed with his guilty plea, Gittinger was a principal of Classic Title Agency, Inc. and helped close real estate sales. Between June 2003 and 2005, Gittinger received business and made money for performing closings of real estate sales. In 2003, Gittinger made various fraudulent representations on closing documents in which misrepresentations were made, then forwarded to financial institutions which funded loans for the property. Gittinger admitted that the amount of loss attributable to him was more than $400,000.00 but less than $1,000,000.00.

Gittinger must serve five years on supervised release at the conclusion of his prison term. He was also ordered to pay a fine of $6,000.00.

"Our communities have suffered because of fraud in the mortgage lending sector. Individuals who engage in bank fraud and money laundering schemes will be aggressively sought out and punished," Lockhart said.

Lockhart commended the cooperative investigation by FBI and IRS Criminal Investigation agents and Assistant U.S. Attorney J. Richard Chema, who prosecuted the case.

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