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1,000 People Duped in Fraud Scheme
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April 27, 2009
Five people are facing charges related to mortgage fraud after prosecutors busted what appears to be a Ponzi scheme involving more than 1,000 victims.
Maryland prosecutors are charging the five people who ran the scheme out of Metro Dream Homes. Officials said company officers were tricking homeowners into investing money into the business with promises that the revenue would pay off their mortgages.
U.S. Attorney General Lanny Breuer reportedly said the charges should send a message that the Justice Department will find those who commit mortgage fraud and they will be charged and imprisoned, if found guilty.
Read story at The Seattle Times and Department of Justice Press Release
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