The Real Deal Miami

Miami Mortgage Fraud Task Force arrests 15

July 21, 2008 11:14AM

Another 15 arrests have been recorded by the Miami-Dade Mortgage Task Force, which on Friday said it had uncovered an alleged mortgage fraud ring that defrauded banks of about $20 million. Police said two companies would prepare fraudulent statements that would funnel loans to a third party account controlled by the ring. The scam involved 18 properties in Miami-Dade and Broward counties; many are now in foreclosure.