A former Tucson loan officer has pleaded guilty to wire fraud and money laundering.
Prosecutors say 53-year-old Rex Adams is facing between 18 and 24 months in federal prison when he's sentenced March 20.
The Arizona Daily Star says Adams also has agreed to pay more than $2.5 million in restitution.
Adams was indicted in February on conspiracy to commit wire fraud, wire fraud and false statement to influence a financial institution charges.
It was alleged Adams and co-conspirators committed mortgage fraud between February and June 2006 by using straw buyers to buy nine properties ranging from $530,000 to $1.3 million in Tucson, Nogales and Vail.
The buyers used $6 million in fraudulent loans to buy the properties.
Adams entered his plea Monday in U.S. District Court in Tucson.
Copyright 2013 Associated Press. All rights reserved.
Wednesday, May 22 2013 8:58 PM EDT2013-05-23 00:58:52 GMT
Fallen officer's daughter graduates from kindergarten
Hundreds of Phoenix police officers showed their support for a fallen colleague by attending his daughter's kindergarten graduation in Anthem on Wednesday. Officer Daryl Raetz was killed in the lineMore >
Tatum Raetz, 5, graduated from kindergarten in Anthem Wednesday and hundreds of uniformed Phoenix police officers were there to show their support for the family.More >
Wednesday, May 22 2013 5:06 PM EDT2013-05-22 21:06:54 GMT
A Williams man is in custody in connection with the fatal shooting of an Ashfork teenager, northern Arizona authorities said. John A. Willis, 53, was taken into custody Tuesday, said Coconino County sheriff'sMore >
John A. Willis, 53, was taken into custody Tuesday, said Coconino County sheriff's spokesman Lt. Tim Cornelius.More >
Wednesday, May 22 2013 7:56 PM EDT2013-05-22 23:56:01 GMT
(RNN) – Of the 24 killed in the EF-5 tornado that decimated Moore, OK, 10 are children - two of which are infants according to a release by the Oklahoma City Medical Examiner's Office. All the childrenMore >
The last of the missing from Monday's massive tornado that tore through the town of Moore, OK, have been accounted for. More >
Thursday, May 23 2013 12:18 AM EDT2013-05-23 04:18:16 GMT
Only people who have lost a close loved one can understand the pain of Travis Alexander's family"My heart goes out to them, because I understand," says Dan Marco, who's son Zachary was murdered in 2010.ZacharyMore >
Only people who have lost a close loved one can understand the pain of Travis Alexander's family.More >
Thursday, May 23 2013 8:00 AM EDT2013-05-23 12:00:17 GMT
A former flight instructor who taught foreign flight students at one of the Valley's pilot schools told CBS 5 Investigates the students often could barely speak English. "I'd say at least 50 percent ofMore >
A former flight instructor who taught foreign flight students at one of the Valley's pilot schools told CBS 5 Investigates the students often could barely speak English.More >