Myrtle Beach area lawsuit portrays tangled fraud
February 8, 2011
Total Loss:
$11.2 million
The most detailed look yet at an alleged Myrtle Beach-area mortgage fraud operation accused of stealing millions of dollars during the real estate boom is unfolding in a pair of federal lawsuits in which RBC Bank claims 45 individuals and businesses conspired to make fraudulent home loans. The defendants include area developers, real estate agents, mortgage brokers, a lawyer and bank officials, including insiders at RBC Bank. RBC Bank said the defendants are to blame for more than $11.2 million in losses on 28 real estate transactions the bank funded along the Grand Strand between July 2007 and October 2008.
Source:
The Sun News
Posted in:
Account Takeover Identity Theft