U.S. mortgage fraud sting nets indictments
March 25, 2009
Total Loss:
Unknown
An FBI undercover sting netted indictments against 24 people in the Chicago area accused of helping phony buyers walk away from home mortgages, the U.S. prosecutor said on Wednesday.
The properties purportedly sold over the past two years actually belonged to the government, with undercover agents also posing as buyers. All the banks who granted mortgages were repaid a total of $1.4 million.
Source:
Reuters
Posted in:
New Account Fraud