New York exec involved in $550M mortgage fraud

December 08, 2008 10:42AM

Fraudulent mortgage activity that resulted in more than $550 million in
approved home loans in West Palm Beach, Miami and Tampa, Fla., leads
back to New York-based Orson Benn, formerly a vice president at Argent
Mortgage. Benn and several associates were convicted of racketeering
this year. Benn taught Florida mortgage brokers the art of fraud, including how to doctor credit reports. He coached them on how to
inflate income on loan applications, and helped them invent phantom
jobs for borrowers. At least 600 homes in foreclosure in Miami-Dade County were financed using Benn’s fraudulent mortgages.

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