REAL ESTATE

‘Developer’ Sentenced in Fraud Case: Steven D. Jones, 49, of Rolling Hills has been sentenced to 15 years and eight months in federal prison for masterminding a scheme that defrauded at least nine Southern California lenders out of millions of dollars. He was convicted earlier this year of racketeering, conspiracy, fraud and money-laundering charges. Posing as a wealthy real estate developer, Jones used a network of corrupt real estate people to acquire high-priced homes in San Clemente, Rolling Hills and San Pedro with no money down, the U.S. attorney’s office in Los Angeles said. The institutions defrauded included Imperial Bank and Associated Mortgage Lending, both in Newport Beach; Franklin Mortgage Capital Corp. in Tustin; Pomona First Federal Savings & Loan; and American Residential Mortgage Corp. of La Jolla.