Authorities filed indictments in a $10 million mortgage fraud case
involving two allegedly bogus sales in the Bronx and numerous
additional transactions in suburban New York, law enforcement officials
said. The charges against the group of 13 New York state
residents accused of participating in a fraudulent lending operation
run from Islip, NY-based mortgage brokerage firm Bridgewater Funding
were unsealed today, the United States Attorney in Manhattan said. The
15-count indictment said the scheme included obtaining fraudulent
mortgages in February 2006 totaling $940,000 at 436 Swinton Avenue and
1055 Morris Avenue in the Bronx in order to purchase the properties. [more]