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."
Reposted with permission from Curbed.com. Click here to view original post.
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