Rhode Island Man Accused of Real Estate Fraud
July 31, 2009
Total Loss:
$10 million
Authorities have charged a North Providence man and indicted three others in an alleged series of mortgage fraud schemes that totaled $10 million. Pierre Chabot is accused of arranging for investors to buy 73 properties valued at almost $17 million, and police say he made nearly $3 million in the scheme. Chabot told investors they would receive $5,000 when the properties closed, which turned out to be money Chabot obtained from their original loans, according to the charges. About 90 percent of the properties are now in foreclosure, police said.
Source:
Boston Globe
Posted in:
Internal Fraud