Industry News

Delaware man indicted in real estate fraud scheme

Prosecutors say he lived in home for almost nothing

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A Delaware man has been indicted in an elaborate fraud scheme that federal prosecutors say allowed him to buy and live in a $200,000 Bear, Del., home for very little, perhaps nothing, media reports said today. The indictment alleges that MacDonald P. Taylor, 31, whose address is listed as Middletown, Del., forged documents about his past to obscure his true financial status from his bank, allowing him to purchase the home, accounts said. Then, once he moved in, the court papers said, he filed a series of bankruptcy claims to prevent the bank from evicting him for at least a year and a half, according to reports. Taylor faces felony criminal charges of bank fraud, misuse of a Social Security number, wire fraud and bankruptcy fraud, media accounts said. According to court papers, in early 2003, Taylor provided false information to Washington Mutual bank, including a false Social Security number and forged W-2 papers that overstated his income, media accounts said. Taylor also all...