Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

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The pair is accused of conducting a mortgage fraud scheme that resulted in losses to mortgage lenders in an amount over two million five hundred thousand dollars.. Broker in VA pleads Guilty to Million Dollar Mortgage Fraud;. MN Broker Indicted for Flipping in Straw buyer Scheme ;

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The goal of a straw buyer scheme is usually to improperly obtain funds from a mortgage lender using misrepresentation in loan applications. Because a financial institution is being defrauded, a straw buyers mortgage scheme can lead to federal bank fraud charges among other criminal penalties.

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The Penalties For Getting Busted In A Straw Buyer Fraud Scheme. When a loan is obtained under false pretenses by a straw buyer, this can lead to federal charges for this serious offense. Bank fraud has a maximum penalty of 30 years in prison along with a fine of $1,000,000.

The case, dubbed Operation GrandMaster, is being prosecuted by the Justice Department’s Fraud Section in Washington. Charles La Bella, the lead prosecutor. Getting straw buyers elected to the.

Another defendant pleaded guilty Monday in the sweeping federal investigation into fraud and corruption at Las Vegas Valley homeowners associations. Arnold Myers, a straw buyer. payable to a lead.

But the state continued to lead the nation. loan" mortgage scheme in which conspirators recruited more than 108 straw buyers and obtained some 500 mortgages totaling more than $100 million. In.

Investigation peers into foreclosure problem depths it bolsters our argument that we need to get to a public inquiry to have an independent investigation into what is going on." In quitting, Butts insisted nobody in the PMO pressured Wilson-Raybould to. The National Association of Realtors (NAR) reported that its Pending Home Sales Index (PHSI) was up reached 105.4 in May, up 1.1 percent.

Case for Mortgage Fraud Involving Straw Buyers Supported by SARs Issue15-story6.pdf 9.52 KB BSA records helped identify co-conspirators, accounts, and elements of a mortgage fraud scheme that may total as much as $7 million dollars in losses.

McConville was indicted in May for mail and wire fraud after an I-Team investigation revealed his role in a statewide real estate scheme. prices to straw buyers who defaulted, leaving banks and.

Straw Buyer: A straw buyer is a person who makes a purchase on behalf of another person. A straw buyer is used when the real buyer cannot complete the transaction for some reason. It is not.