The Los Angeles Times reports that Beverly Hills real estate agent Kyle Grasso and appraiser Lila Rizk have been convicted of conspiracy and bank fraud.
Via the paper: "From 2000 to 2003, the group pumped up home appraisals and arranged straw purchases of houses in Beverly Hills, Bel-Air and other neighborhoods. After obtaining seven-figure mortgages on many of the properties, the agents and co-conspirators defaulted on the loans, taking millions with them and leaving the banks with houses worth far less than their inflated purchase prices."
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