Feb.25, 2010, 07:55:56 AM PST, Source: The Associated Press
Authorities say a man awaiting sentencing for his role in a $142-million real estate scam has hanged himself.
The Riverside County Sheriff's Department says 47-year-old Christopher Oetting was found dead at his Palm Desert home on Feb. 16.
Oetting pleaded guilty last year to money-laundering, conspiracy and filing false tax returns. He was awaiting sentencing in July and could have faced up to 32 years in federal prison and a $900,000 fine.
Oetting was among nearly a dozen people accused of persuading victims to refinance their homes and turn over the money to shell companies—supposedly for investment in new homes.
Authorities say victims lost $142 million and more than 200 homes went into foreclosure.