8 sentenced in fraud scheme 
Indianapolis ring used FSBOs, other properties to obtain $16.6M
By Inman News, Wednesday, February 3, 2010.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 individual sellers -- usually individuals who either did not have their homes listed to sell or who listed them as "for sale by owner," prosecutors said.
more...
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
