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Behemoth Fraud Scheme Unraveled
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December 8, 2008
A former vice president of a subprime mortgage company is serving an 18-year sentence for his part in a network of fraud schemes that topped $550 billion. The story has an inconclusive ending as one of the alleged major players remains of any blame, and two others whom have pleaded guilty are awaiting sentencing.
Orsen Benn spent three years growing Argent mortgage as the vice president. From New York to Florida there were a network of brokers and others who assisted him in fraudulent schemes that included falsifying borrower information, doctoring credit reports and creating fake deeds. Benn’s office alone approved over 1,900 loans, of which 33 percent have fallen into foreclosure.
The Miami Herald claims one of his co-conspirators Yvette Valdes helped Benn from her office at Sandkick Mortgage and is not being held accountable for her criminal actions. Others involved in the fraud include former drug trafficker Scott Almeida, Sam Green, David Tuggle and Eric Steinhauser.
Read story at The Miami Herald
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