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Appraised Value Inflated 700%
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January 15, 2009
Two Missouri men are accused of running a mortgage fraud scheme that inflated home values, one property was appraised at more than seven times its real value.
Russell T. McBride, 46 and Robert Wrolstadt, 59, waived their rights to file any motions challenging the federal evidence against them. The pair each face over 500 years in prison for the scheme in which they pocketed almost a half-million dollars from at least 12 fraudulent transactions.
McBride and Wrolstadt brokered mortgages through Century Mortgage and Finance Inc., where prosecutors allege they falsified income information and down payment documentation as well. Trial is scheduled to begin in February.
Read story at The Southeast Missourian
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