FBI investigating real estate fraud

June 25, 2008 01:43PM

The FBI is investigating Philadelphia-based Remington Financial Group Inc and BlueStone Real Estate Capital for allegedly collecting upfront fees for real estate developments without trying to obtain financing for clients. More than 100 prospective borrowers reportedly lost millions through the practice. California’s Department of Corporations is also investigation the two groups and a third, LandBridge Equity LLC, a land investment company in connection to these advance fee schemes. Jack Kemp, a former U.S. Housing and Urban Development secretary and vice-presidential candidate, is a senior adviser and director at LandBridge.

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