“Serial Fraudster” Sentenced to More than 9 Years for Multi-Million Dollar Fraud Scheme

March 1, 2024

Delaney Sexton
Contributing Editor

“Serial Fraudster” Sentenced to More than 9 Years for Multi-Million Dollar Fraud Scheme

Wavy Curtin Shain’s sentence was handed down in February due to various fraud schemes. Of his fraudulent acts, he committed PPP fraud after obtaining a $431,000 PPP loan.

His main fraudulent scheme involved attempting to defraud two financial institutions by refinancing property without the knowledge or approval of the actual property owner. Shain also conducted real estate sales where the buyer and seller were unaware of the transactions. Lastly, he purchased real estate using other individuals’ names without their knowledge or permission.

In 2021, Shain was sentenced to two years in federal prison for conspiring to commit mail fraud, and he had to pay more than $63,000 in restitution and fines. While he was already on supervised release for a previous federal mortgage fraud conviction, he attempted to fraudulently obtain a loan for a health care provider. He received fraudulent documents and signed the name of another individual. Shain had falsely authenticated the signatures by placing fake notary stamps and signatures on the documents representing that the person he signed for would personally guarantee the loans.

Going further back, Shain was sentenced to almost 5 years in prison in 2009 after committing bank fraud and wire fraud. This was the first of his three fraud convictions. It is believed that he still owes $1.8 million in restitution for this case, but he had only repaid just over $13,000 as of 2021.

There were properties in Louisville, Owensboro, and Morehead along with a Range Rover, a red Lexus convertible, a Cadillac, and a BMW that the government planned to take to recover money from his recent scheme. He will have five years of supervised release and must pay $4.5 million in restitution.

2024 U.S. Attorney’s Office Press Release
2021 U.S. Attorney’s Office Press Release
AOL Article