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14 indicted in Florida mortgage scheme

Feb. 26, 2011 at 12:08 AM

TAMPA, Fla., Feb. 26 (UPI) -- A federal grand jury in Florida Friday indicted 14 people, alleging they took part in a $47 million mortgage fraud conspiracy.

The 14 defendants are named in 44 counts charging them with conspiring to lie to nearly a dozen federally insured banks and private mortgage lenders to obtain more than $47 million in loans for 22 residential properties in the Sarasota area.

The conspiracy allegedly spanned 10 years, from at least October 1997 to March 2008, the U.S. Justice Department said in a release.

If convicted, they face maximum prison terms of up to 30 years and fines of a million dollars.

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