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19 People Named In Mortgage Fraud Indictment

POSTED: 5:15 pm EDT September 8, 2008
UPDATED: 6:23 pm EDT September 8, 2008

Summit County officials on Monday announced the indictments of 19 people in connection with mortgage scams.

Charges range from engaging in a pattern of corrupt activity to money laundering. In all, the grand jury handed down a 106-count indictment with more than 200 felony charges.

A three-year investigation of four fraudulent mortgage companies found alleged wrongdoing by all sides: buyers, sellers, appraisers and mortgage brokers.

"Normally when you buy a house, the person selling the house takes all of the money for the value of the house. That wasn't the case in these situations. So, if I was selling the house for $60,000 that I had bought for $10,000, you'd think that I would take the $50,000 in profit. That money was being siphoned off to one of these third party payouts," said Paul Scarsella, of the attorney general's office.

Two of the 19 people indicted are already in prison. The others have either been arrested or are in the process of turning themselves in to police.

The prosecutor also pointed out that although the investigation involved 16 properties, they are now looking at more than 200 more properties in Summit County that could be involved in mortgage fraud.




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