Friday, September 10, 2010

Real estate lawyer charged in mortgage fraud - The Boston Globe

Real estate lawyer charged in mortgage fraud - The Boston Globe
:
"Michael R. Anderson, 41, was charged Wednesday in US District Court with 27 counts of wire fraud, bank fraud, and money laundering in the case involving Michael David Scott, a Mansfield developer who was indicted separately in August for allegedly working with associates to recruit “straw buyers’’ to purchase condominiums with fraudulently obtained documents.

Virginia real estate recruiter Jerrold Fowler and a former Bank of America Corp. manager, Arthur Samuels, also were charged in separate complaints in US District Court for their roles in what prosecutors say was a fraud scheme that drew buyers to purchase properties they weren’t planning to live in or even make mortgage payments to lenders.

Scott, Anderson, and others are alleged to have arranged for buyers to obtain mortgages with false information, including documentation that showed they intended to live in the condos, had sufficient money in the bank, and covered down payments and closing costs, according to the federal charges. "

Freeman, now 32, was earning about $25,000 a year at the time he was able to qualify for two mortgages totaling more than $451,000. He did not use any of his own money to buy the condos, despite real estate documents that showed he paid closing costs and down payments. READ ENTIRE ARTICLE


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