Oakton Resident Gets 40 Months in Prison For Involvement in Fraud Scheme

Paul Allen, of Oakton, received a 40-month sentence today for his involvement in a while chief executive officer of Taylor, Bean & Whitaker Mortgage Corp., the Wall Street Journal reported.

Allen guilty in April to making false statements and conspiring to commit bank and wire fraud. He faced up to 10 years in prison.

Sean Ragland, a former senior financial analyst for TBW, who reported to Allen, was also sentenced today, receiving a three-month sentence, according to the report from Dow Jones Newswires on the WSJ site.

Allen and Ragland join four others convicted in the scheme.