From about November 2006 to November 2007, Mosley and co-defendant Zulfiya Karimova, 33, of Cupertino, Calif., a loan officer, obtained mortgage loans by inserting false information in buyers' mortgage loan applications, including phony data about their income and assets, and in supporting documentation. The two siphoned off the money by having funds disbursed to them at closing. The two used the money to purchase three Las Vegas, Nev.-area homes in 2006 and 2007. The home buyers defaulted on their loans, with lenders losing more than $1 million.

Before a trial could be held, Karimova pleaded guilty to conspiracy to commit bank and wire fraud, and bank fraud. She is scheduled to be sentenced on August 20.