The 8th U.S. Circuit Court of Appeals decision means that Miller, who has served his year-and-a-day prison sentence, will not be locked up again as long as he meets the terms of his probation.
Miller owned Freedom Financial in Little Rock, which made money by charging borrowers commissions and charging fees to lending companies who bought the loans. He and a number of his employees were indicted in 2004, for allegedly hiding the true value of properties and the credit worthiness of the borrowers. The company also did not disclose when properties were encumbered by other debt or did not have clear titles.
The loans involved in the fraud totaled $3.8 billion, which led to Freedom Financial gaining $355,191 in fraudulent fees and commissions.
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