Industry NewsMortgage

8 sentenced in fraud scheme

Indianapolis ring used FSBOs, other properties to obtain $16.6M
Published on Feb 3, 2010

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Eight people have been sentenced to serve a total of 26 years in prison -- or an average of three years, three months each -- for their roles in an Indianapolis, Ind.-area mortgage fraud scheme that prosecutors said involved at least 136 fraudulent loans totaling $16.6 million.

Of those loans, 39 mortgages totaling more than $7 million were used to purchase properties from ...