EUGENE, OR -- The cofounder and president of Desert Sun Development has been sentenced for a fraud scheme investigators say cost banks more than $20 million. Tyler Fitzsimons was sentenced to 7 ½ years in prison in Eugene this week. He was also ordered to pay $22 million in restitution. He also agreed to forfeit the proceeds from the sale of a 2006 Ferrari F430, which netted more than $64,000.
Investigators said Fitzsimons was the ringleader in one of the state’s largest financial frauds that came to light after the housing market collapsed. Company officials reportedly submitted falsified loan applications to banks for both commercial and residential properties.
Desert Sun Development constructed properties across Central Oregon from 2004 to 2008.
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