Hundreds Charged in Fraud Sweep

More than 400 people in the real estate industry have been indicted since March, including dozens in the last two days, in a U.S. Justice Department/Federal Bureau of Investigation crackdown on mortgage fraud.

The FBI says the scams cost home owners and other borrowers more than $1 billion.

Since March 1, 406 people have been arrested in the sting dubbed “Operation Malicious Mortgage,” resulting from 144 cases across the country. Sixty people were arrested on Wednesday alone. Officials have identified 10 “mortgage fraud hotspots” nationwide in California, Colorado, Texas, Minnesota, Michigan, Illinois, Ohio, New York, Georgia, and Florida.

Named in the cases were housing developers, mortgage lenders and brokers, lawyers, real estate practitioners and appraisers, says Sharon Ormsby, section chief in charge of financial crimes for the FBI.

Source: The Associated press, Lara Jakes Jordan 6/19


Author: niaknowles

Real Estate Broker, Christian Yogi, Mother of three

One thought on “Hundreds Charged in Fraud Sweep”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s