How real estate fraud destroyed one man's business

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Mortgage fraud is “pervasive and growing” in the United States, the FBI has said, and it has a devastating impact on homeowners. But real estate loan trickery can be devastating to businesses as well, as one affected loan broker can attest.

“My company went out of business because of an employee’s mortgage fraud,” said Michael Richardson, former owner of Denver, Colo.-based Primero Home Loans. He said an employee of his was making loans based on fraudulent documents without Richardson’s knowledge.