Leary Sentenced For Mortgage Fraud Scheme

By Scott Sarvay
By Jeff Neumeyer

October 4, 2010 Updated Oct 4, 2010 at 6:10 PM EDT

ALLEN COUNTY, IN (Indiana's NewsCenter) --- An ex-Indiana University basketball standout caught up in a mortgage fraud scheme looks like he’ll avoid prison time.

The outcome could have been worse for Todd Leary, who was sentenced Monday in an Allen County courtroom.

The 39-year old Leary, who lives in Carmel, was originally tagged with 17 felony counts.

In a plea agreement, all charges were dismissed, except for one count of misappropriating title insurance escrow funds.

But prosecutors insist they weren't trying to give Leary a break.

Instead, it was designed to help out the victims.

There's a chance Leary will still hear the sound of a cell door slamming behind him before his legal troubles are over.

Leary, who played on one of Bob Knight's Final Four teams in the 1990's, was ordered by Allen County Superior Court Judge Fran Gull to serve two years of a four-year sentence.

If deemed eligible, he'll do his time either in work release or on home detention.

Prosecutors say that will allow Leary to make money to pay about $295,000 in restitution to four different victims in the mortgage scheme.

Karen Richards/(R) Allen County Prosecutor: " As someone mentioned in court today, this is a huge fall from grace. I don't have any sympathy for him. He obviously knows better. I mean, this is not an individual that was unemployable. He had a job. I have no idea what was at the root of this, other than just pure greed."

After Leary was charged in Allen County in connection with mortgage fraud, he was arrested in Hamilton County just north of Indianapolis, on unrelated charges that he stole high-end appliances out of homes in foreclosure.

Richards says if convicted for those crimes, prison time would be a virtual certainty, because he would be a repeat offender, and the Allen County case could be considered an aggravating circumstance in the Hamilton County case.

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