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Deed Transfers Led Mortgage Fraud
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May 8, 2009
A Florida man admitted to befriending owners of vacant houses only to steal personal information so he could forge a deed transfer of the properties to himself.
Rory V. Porter, 42, faces five years in prison, 10 years probation and more than $500,000 in restitution after pleading guilty to the mortgage fraud scheme. He used private lenders to secure loans using the homes as collateral, borrowing more than $500,000 against $800,000 worth of property.
He laundered the money through different sources including banks, adult sex stores and pornographic film companies. Porter will be sentenced in June.
Read stories at The New York Times and Gainesville News
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