The Real Deal New York

12 nabbed in $9M home mortgage scheme

October 08, 2009 01:15PM

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Twelve mortgage brokers, loan officers and attorneys were arrested this morning for allegedly using fictitious identities and documents to obtain upwards of $9 million in residential mortgages on dozens of New York City and Long Island properties, most of which are now in default. The defendants are charged with conspiracy to commit bank fraud and wire fraud, a charge that carries a maximum penalty of 30 years in prison, as well as $1 million or twice the gross gain or loss, plus restitution, and are scheduled to appear in court today. The announcement was the culmination of a long-term joint investigation
by the U.S. Attorney’s Office for the Southern District of New York,
the New York State Attorney General’s Office, the New York State
Banking Department’s Criminal Investigation Bureau, the Federal Bureau of Investigation, the United
States Postal Inspection Service and the U.S. Secret Service. TRD

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