Homesavers CEO, Philip Seibel Sent to Oklahoma Prison

EDMOND, Okla. — An Edmond man has been sentenced to 30 months in prison for money laundering.

Phillip Seibel, who pleaded guilty July 22, also was ordered Wednesday to pay $770,037 in restitution.

Prosecutors say Seibel formed Homesavers LLC, which contacted homeowners who were facing foreclosure. Homesavers promised to find investors to purchase the homes and allow the sellers to stay put, pay rent to the company and earn a chance to buy back their homes.

Read more from the AP

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