Federal authorities have announced charges against 28 people accused of running multiple mortgage-fraud schemes. The group attempted to con more than $5.5 from lenders, according to authorities.
The defendants include real estate agents, investors, mortgage consultants, accounts and appraisers. Three defendants sought still remain at large.
According to authorities investigating the scheme, the group used faked documents to attempt to trick banks into lending the money. In most cases, however, the loans never went through because the loan officer was cooperating with investigators.
The alleged frauds involved 17 properties in northern New Jersey. They are charged with conspiring to commit wire fraud and bank fraud.
The article provided compliments of Paul Cristelli, New Jersey Re/Max Real Estate Agent; (973) 214-3316.
