The Real Deal Miami

SF residents charged in $40 million bank and mortgage fraud scheme

September 30, 2011 09:54AM

US Attorney Wifredo Ferrer announced the indictment of 20 South Florida
residents for their roles in an alleged $40 million mortgage fraud
scheme. According to the indictment, the defendants conspired from March
2006 to March 2008 to submit false loan documents and related documents
to several banks to obtain mortgages and home equity lines. The banks
allegedly lost $20 million. “Even by South Florida fraud standards,
today’s prosecution is shocking. Never before have we seen so many real
estate and bank industry professionals charged in a single indictment,”
Ferrer said. — Alexander Britell