Florida man indicted in $1.8 million mortgage fraud scheme � WireUpdate Local | Local Breaking News | Local Breaking Wire -: "From September 2005 through August 2007, Paxton allegedly obtained over $1.8 million in loans from four lenders while using his false identity. He submitted fraudulent loan applications which included a fictitious name, a misappropriated Social Security number, and false information about his employment, income, address and ownership of real estate.
Paxton engaged in a scheme that consisted in obtaining an initial loan and then pay it with other loans acquired. Then, he defaulted on those loans causing losses to the lenders. Through this scheme, Paxton fraudulently obtained over $2.85 million in loans and caused losses to lenders of over $1.8 million."
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