Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

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Straw buyers. turns out, she was involved in a large mortgage fraud ring where she accepted money in return for use of her name. A group of bad actors identified District-area homes and straw buyers to obtain $2.6 million in mortgages through false loan applications, forged documents and fraudulent settlements.

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The indictment. fraud scheme, operational from August of 2006 to May of 2007, resulted in losses to lenders of more than $2.5 million. Those losses were due to the defendants’ misrepresentations,

What is a straw buyer? A straw buyer is a person that buys a home on behalf of another person. As one can imagine, this is frequently used in fraud crimes when a person wants to buy a home but has poor credit or is unable to obtain financing.

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Indictment Returned in Mortgage Fraud Scheme. In order to qualify the Straw Buyers for the loans, Lusk and others would submit false, fraudulent and fictitious loan underwriting and closing.

Several Plantation police officers and an FBI agent arrested in $16 million dollar mortgage fraud ring. This is huge! Several Plantation police officers an FBI agent as well as a couple attorneys and mortgage brokers arrested as part of a $16,000,000 mortgage fraud ring.. The Straw Buyer The.

Straw Buyer Schemes Lead to $34 Million in Fraud Indictments. In the Idaho case, the accused include two building contractors, a mortgage broker and a realtor, all from the Boise, Idaho area; the group attempted to buy and flip 49 different properties, Reuters reported Thursday . In New York, eleven defendants include brokers,

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CHICAGOTen defendants, including five licensed loan originators, were indicted for allegedly participating in a scheme to fraudulently obtain approximately 52 residential mortgage loans totaling at least $14.5 million from various lenders. The indictment alleges that the mortgages were obtained to finance the purchase of various properties.

The indictment alleges that Adams and co-conspirators committed mortgage fraud between February and June 2006 by using straw buyers to buy nine properties ranging from $530,000 to $1.3 million in.