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.
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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.
