Industry News

Seven indicted in $6 million real estate loan scam

Former New York football player indicted with six others

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A former New York football player was indicted along with six co-defendants in connection with 15 allegedly fraudulent mortgage transactions that netted around $6 million, Brooklyn officials said Wednesday. Kings County District Attorney Charles Hynes said Owen Larman, a former Canarsie High School football star and former New York Newsday's Brooklyn player of the year, was indicted along with six co-defendants. The group was indicted for allegedly stealing about $6.2 million from seven different banks by falsifying documents to inflate the value of properties being sold, officials said. The allegedly fraudulent mortgage transactions were said to have taken place in the areas of Bedford-Stuyvesant Crown Heights and Bushwick, N.Y. Larman is charged with grand larceny in the first and second degrees and forgery. Larman faces a maximum of 25 years in prison. According to the District Attorney, investigations revealed that Larman made 33 separate fraudulent mortgage transactions dati...