A group of 13 alleged members conspired to commit a $60 million mortgage fraud.
The ring included 13 members and of the 13 ten were arrested in New York on conspiracy to commit bank fraud and wire fraud charges. FBI officials say they expect to have the other three members in custody by the end of the day.
The alleged members had all bases covered by including all types of real estate professionals in their scheme – real estate attorneys, appraisers, title closers, and straw buyers.
Thursday they will be in Southern District federal court appearing before a judge.
The fraud involved over a 100 properties in New York and in Florida. They created several mortgage brokerages to carry out the scheme. Through the brokerages that were created the group produced fraudulent real estate loans throughout the New York area.
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