facebook
twitter
rss
account
search
search
 

14 indicted in Florida mortgage scheme

Feb. 26, 2011 at 12:08 AM   |   Comments

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.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
France holds up delivery of warships to Russia France holds up delivery of warships to Russia
2
North Korea publicly executes 10 people for watching South Korean soap operas North Korea publicly executes 10 people for watching South Korean soap operas
3
Suspected Pennsylvania cop killer Eric Frein nabbed Suspected Pennsylvania cop killer Eric Frein nabbed
4
Father upset over Islam history lesson barred from school over threats Father upset over Islam history lesson barred from school over threats
5
Actress Lucy DeCoutere becomes first public accuser of Jian Ghomeshi Actress Lucy DeCoutere becomes first public accuser of Jian Ghomeshi
Trending News
Around the Web
x
Feedback