Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

8 Indicted for Running Alleged Straw Buyer Scheme Allison Tussey – January 6, 2014 – 1 Comment Eight people were indicted for their roles in a $40 million mortgage fraud conspiracy involving dozens of properties along Florida’s Gulf Coast.

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The Penalties For Getting Busted In A Straw Buyer Fraud Scheme. When a loan is obtained under false pretenses by a straw buyer, this can lead to federal charges for this serious offense. Bank fraud has a maximum penalty of 30 years in prison along with a fine of $1,000,000.

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Eight people were indicted for their roles in a $40 million mortgage fraud conspiracy involving dozens of properties along Florida’s Gulf Coast, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Stephen D. Anthony, Special Agent in Charge of the FBI’s Cleveland office.

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Florida developer Domenic Rabuffo was sentenced Tuesday to more than 27 years in federal prison for a North Carolina mortgage fraud scheme that bilked four major banks out of more than $50 million.

Straw Buyer Schemes Lead to $34 Million in Fraud Indictments. In the Idaho case, the accused include two building contractors, a mortgage broker and a realtor, all from the Boise, Idaho area; the group attempted to buy and flip 49 different properties, Reuters reported Thursday . In New York, eleven defendants include brokers,

Penalties, punishment and sentencing for straw buyer schemes. The punishment for a misdemeanor conviction is typically up to a year in a county jail and a maximum $1,000 fine. The punishment for a felony violation is typically up to three years in the California state prison and a maximum fine of $10,000.

Straw Man Mortgage Fraud Ends In Federal Prison August 3, 2011 Federal prosecutors alleged that from 2005 through 2007, Micah Meyers, a former manager at Islip, New York based mortgage brokerage firm Bridgewater Funding, LLC ("Bridgewater"), submitted fraudulent loan applications as part of a scheme to wrongfully obtain loans.

CHICAGOTen defendants, including five licensed loan originators, were indicted for allegedly participating in a scheme to fraudulently obtain approximately 52 residential mortgage loans totaling at least $14.5 million from various lenders. The indictment alleges that the mortgages were obtained to finance the purchase of various properties.

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