A Nelson County man will serve more than nine years in prison for a bank fraud and money laundering scheme.
Wavy Curtis Shain was sentenced Wednesday to nine years and two months in federal prison followed by five years of supervised release and ordered to pay more than $4.5 million in restitution following his conviction for one count of Bank Fraud and one count of Money Laundering.
The United States Attorney’s Office of the Western District of Kentucky says from July 2019 to August 2020, Shain “engaged in a scheme to defraud two federally-insured financial institutions by attempting to fraudulently refinance real property without the knowledge and approval of the true property owner, conducted sham real estate sales where the buyer and seller were unaware of the real estate transactions, and purchased real estate in he names of other individuals without their knowledge or permission.” Shain also made a monetary transaction in fraudulent loan proceeds when he wired money to a company he controlled.
This isn’t Shain’s first conviction for a fraud case. A previous release from the Department of Justice described Shain as a “serial fraudster” based on several previous convictions.
There is no parole in the federal system.
