FBI Smash $60million Fraud Ring
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FBI Smash $60million Fraud Ring| Junior |
Posted: Aug 5 2011, 03:37 AM
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Friend of Ours  Group: Members Posts: 1,860 Member No.: 4,371 Joined: 18-April 10  |
FBI arrests 10 suspects in $60 million mortgage fraud ring
New York Post, August 4, 2011 The FBI arrested 10 people early Thursday morning in the New York area for allegedly participating in a $60 million mortgage fraud ring. Three more suspects were expected to be in custody by the end of the day, an FBI official told FOXNews.com. The 13 alleged members of the fraud ring include real estate attorneys, title closers, appraisers and straw buyers. They were arrested on conspiracy to commit bank fraud and wire fraud charges. All were expected to appear before a judge in the Southern District federal court Thursday. One of the main suspects created numerous mortgage brokerages, including FCE and TAT Mutual Capital. Through these brokerages, the suspect allegedly facilitated fraudulent real estate loan transactions throughout the New York metropolitan area. The scheme involved more than 100 properties in New York and Florida. |
 
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