The Real Deal Miami

13 nabbed in $16.9 South Florida mortgage fraud

April 14, 2010 04:01PM

Thirteen people have been indicted in a South Florida mortgage fraud scheme that involving around $17 million in phony mortgage loans, and losses of $9.7 million for Wells Fargo, the lender. The 13 people, who were indicted on 18 counts of bank fraud, allegedly used straw buyers to purchase several units at a luxury condo in Miami and single-family homes in Coral Gables and to submit fake loan applications. If convicted, the defendants each could face up to 30 years in prison.