https://www.wave3.com/2024/03/01/nelson-county-man-sentenced-bank-fraud-money-laundering/?outputType=amp

LOUISVILLE, Ky. (WAVE) - A Kentucky man will be serving time for committing bank fraud and money laundering.

According to a release from the U.S. Department of Justice, 42-year-old Nelson County resident Wavy Curtis Shain was sentenced to nine years and two months in federal prison, followed by five years of supervised release, and ordered to pay $4,455,755 in restitution.

The U.S. Attorney’s Office, Western District of Kentucky, said Shain engaged in a scheme to defraud two federally insured financial institutions by attempting to fraudulently refinance real property without the true property owner knowing and approving; conducted sham real estate sales where the buyer and seller were not aware of the real estate transactions, and bought real estate in the names of other individuals without them knowing or giving him permission. This happened from from July 2019 to Aug. 11, 2020.

Shain also reportedly had knowingly engaged in a monetary transaction in criminally derived property, specifically with the fraudulent loan proceeds, by wiring the funds to a nominee company that he controlled.

The IRS CI, the FDIC OIG, the USPS, the FBI, and the Jefferson County Sheriff’s Office investigated and Assistant U.S. Attorneys Joshua Judd, Erin Bravo, and Amy Sullivan prosecuted the case.