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NYC attorney charged in multi-million dollar mortgage scheme

An attorney practicing in New York City and Westchester County has been indicted on charges in connection with a wide-ranging scheme to commit mortgage fraud, obstruction of justice and money laundering, according to the U.S. Attorney for the Southern District of  New York. From July 2002 through December 2002, Louis Cherico, 69, allegedly purchased multi-million dollar residential properties in the New York metro area with loans obtained through submission of false and misleading information to banks and other lenders. If found guilty, Cherico faces up to 30 years in prison plus a fine of $1 million or twice the gross gain or loss resulting from the crime, whichever is greater. TRD

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