Thursday, October 08, 2009
ELLEN YAN, Newsday,
ELLEN YAN, Newsday,
Long Island mortgage scam ring nets 12 arrests
Twelve people, including attorneys and loan officers, were arrested Thursday for allegedly running a Long Island-based ring that used fake buyers with bogus identities to net $9 million in loans between 2005 and 2007, state and federal officials said.
The scam - over a period when lending practices in general ran amok - covered the loan process from start to finish, and each ring member had a specific job, from the mortgage broker employee who targeted homes for the scam to the man who posed as the "phantom buyer," said state Attorney General Andrew Cuomo.
The arrests came after several agencies - among them the U.S. Postal Inspection Service and theDepartment of Homeland Security - mounted a long-term investigation that included court-approved eavesdropping and surveillance.
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Posted by Editor on 10/08/09 at 06:37 AM •
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