Floyd Irons, former Vashon High School basketball coach, Michael Noll and John Mineo Jr. were all sentenced to at least 12 months in jail on wire and mail fraud charges in connection with a million dollar mortgage fraud scheme, U.S. Attorney Catherine Hanaway announced Tuesday. Irons, who pleaded guilty in September, was sentenced to 12 months in prison and was ordered to pay restitution of $653,147 to the victim lending institutions. Noll, who pleaded guilty in October, was sentenced to 20 months in prison, and Mineo Jr., who pleaded guilty in September, was sentenced to 12 months and 1 day in prison and ordered to pay restitution of more than $1 million.
According to the court, during late 2005, Irons and Noll met with Mineo Jr. and told him of their scheme to purchase residential real estate for investment purposes. They told Mineo Jr. that they would obtain mortgage loans for these residential purchases through him at the mortgage brokerage company where he was employed, Midwest Mortgage Consultants LLC, for 10 percent or more of the home sales price to be "kicked back" to them, according to a release from Hanaway's office. Additionally, Irons and Noll told Mineo Jr. that Irons would be identified as the sole purchaser of these residential properties, but that Irons and Noll were in business together, and that the mortgage loans would actually be paid by Noll, the release said. Irons, who won 10 state basketball championships over the course of a 33-year coaching career, was fired in July 2006 after a St. Louis School Board investigation found the Vashon basketball program used faulty accounting practices.
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