ALEXANDRIA, Va. – June 22, 2011 – The CEO of what had been one of the nation’s largest privately held mortgage lenders was sentenced Tuesday to more than three years in prison for his role in a $3 billion scheme that officials called one of the biggest corporate frauds in U.S. history.
The 40-month sentence for Paul R. Allen, 55, of Oakton, Va., is slightly less than the six-year term sought by federal prosecutors.
“I messed up. I messed up big,” Allen told U.S. District Judge Leonie Brinkema before he was sentenced, apologizing to his family and “the entire financial community. “There was no excuse for my behavior.”