PORTLAND, Ore. – A local man accused of being behind one of the Northwest's largest mortgage finance schemes ever pleaded guilty Tuesday to a federal money laundering charge.

A plea deal with prosecutors calls for 31-year-old Jeremy Richardson to serve 3 years and a month in prison and pay restitution to victims that could top $3 million - though he could actually end up serving less time.

Richardson is accused of bilking people out of their hard-earned money by coaxing them into buying homes in a 'lease-to-own' plan.
The scheme promised people with bad credit they would be homeowners, while others with good credit were enticed into promises of numerous real estate holdings simply for using their excellent credit scores.

But when the plan fell to pieces, Richardson took off, leaving victims across the country. He turned up in Baja, Mexico, and then ended up back in the U.S. He was charged federally in June.

A number of victims contacted by KATU expected Richardson to serve a longer sentence. His scheme left dozens of families homeless, ruined the credit of investors and cost banks millions of dollars.

"This is what upsets me with the justice system," said victim Lynne King-Wohlhuter. "There's too many plea bargains. He deserves a lot longer than what he's getting."

Others said they were happy that Richardson was taking responsibility and would be in prison soon.

Richardson is cooperating with FBI and IRS agents who are investigating others involved in the scheme.

He is scheduled to be sentenced Jan. 5.