Feds charge 14 in $58 million NY mortgage-fraud ring 

WHAT: Federal prosecutors in Manhattan announced they had dismantled a $58 million mortgage-fraud scheme run from a Long Island-based brokerage firm, First Class Equities.

WHO: The 14 suspects being charged include real estate attorneys, title closers, appraisers and phony homebuyers. The scam involved more than 100 properties in New York and Florida between 2004 and 2009.

HOW: Some of the accused posed as fake homebuyers and were issued mortgage loans valued at $58 million. Allegedly participating in the scheme were five lawyers, one of whom was disbarred.

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Staff Report

Staff Report

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