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February 25, 2009
Two men were acquitted by a federal jury of conspiring in a $58 million mortgage fraud ring. Four others, however, pleaded guilty before trial.
Fvzali Ron Shah, 42, had been indicted along with five others in an alleged scheme involving a luxury waterfront high-rise. Shah's attorney said his client bought the $2 million condo under the belief that it was a legitimate deal. The loan application was fraudulent, but the lawyer said he proved that Shah, a power company supervisor, was not aware of it.
A Tampa man was also acquitted in the same trial. The alleged ringleader, Hugo A. Rodiguez, and three others pleaded guilty prior to the trial.
Read story at The Miami Herald
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