Two multi-million dollar fraud cases hit courts

Dec.December 17, 2009 06:27 PM

As a result of a joint federal-state mortgage fraud initiative, two more multi-million dollar fraud cases have made their way into the courts, according to acting U.S. Attorney for the Southern District of Florida Jeffrey Sloman. On Dec. 15, a federal grand jury charged 10 defendants in a mortgage fraud scheme in which alleged organizer Greta Medina used five properties to defraud Wells Fargo Bank by submitting fraudulent loan applications and paying off title agents to facilitate the closing of the homes. If convicted, Medina and her crew, which includes real estate agent Margaret Roberts, are facing up to 30 years in prison on charges related to bank fraud. In a separate case, also from Dec. 15, the grand jury returned an indictment charging five defendants for their alleged participation in another mortgage fraud scheme. The fivesome was charged with submitting fraudulent mortgage applications in Miami-Dade County which contained false information regarding income and employment. They are being charged with fraud and bulk cash smuggling, which could land them in prison for up to 30 years. TRD

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