Feds charge 14 in $58 million NY mortgage-fraud ring

WHAT: Federal prosecutors in Manhattan announced they had dismantled a $58 million mortgage-fraud scheme run from a Long Island-based brokerage firm, First Class Equities.

WHO: The 14 suspects being charged include real estate attorneys, title closers, appraisers and phony homebuyers. The scam involved more than 100 properties in New York and Florida between 2004 and 2009.

HOW: Some of the accused posed as fake homebuyers and were issued mortgage loans valued at $58 million. Allegedly participating in the scheme were five lawyers, one of whom was disbarred.

fraudmortgageOpinionOther OpinionSan Francisco

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Competing Hayes Valley petitions reveal fractured response to tent encampments

Some business owners say they signed a ‘tent-free zone’ petition unwittingly

SF cops to vote on delayed raises amid pandemic

City officials have agreed to new pay raises for officers under a… Continue reading

Balboa Reservoir project wins approval from Board of Supervisors

Development will build 1,100 housing units on 17-acre parking lot near City College

Supervisors fear Tenderloin lawsuit settlement sets bad precedent

UC Hastings case pushed city to move more homeless residents into hotels or shelters

What California knows about Kamala Harris

More than any other vice presidential contender in a generation, Kamala Harris’… Continue reading

Most Read