Former Bluffton town attorney Andy Kennedy, who pleaded guilty to two counts of mail fraud in March, was sentenced Thursday to serve two years in federal prison.
Kennedy, 45, admitted to a scheme that involved refinancing the mortgage on his Driftwood Drive home in greater Bluffton three times between July 2001 and July 2002.
"His law firm handled the closings, and Kennedy falsely represented to the banks involved that the refinancing proceeds would be used to pay off the previous mortgages," a statement from the U.S. Attorney's Office in Columbia said. "Instead of repaying the prior mortgages, Kennedy kept the loan proceeds for his personal use."
Kennedy also issued title insurance policies to each bank to insure the refinanced loans. That cost Chicago Title Insurance Co. $560,000 because it had to pay the second and third banks $280,000 each for bad mortgages.
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