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by CareyBot

A Kansas City, Mo., real estate investor on Thursday pleaded guilty in federal court to a $17.5 million mortgage fraud scheme that involved 280 residential properties, officials said. Jeffrey Tyler Wine, 28, waived his right to indictment and pleaded guilty before U.S. Chief District Judge Dean Whipple to charges of mortgage fraud conspiracy and money laundering, according to U.S. Attorney Bradley J. Schlozman. Wine admitted that, from November 2001 to May 2005, he conspired with others to defraud mortgage lenders by causing them to loan investor victims more than $17.5 million to purchase 280 residential properties. Wine was in the business of purchasing, rehabilitating, managing and selling residential properties in the Kansas City metropolitan area through various business entities t...