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Drug Dealer Indicted on Mortgage Fraud
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February 23, 2009
A convicted drug dealer turned licensed mortgage broker is now facing charges of running a fraud ring that duped lenders out of $2.3 million in losses. Prosecutors said the reputed street gang leader used false information and an unlicensed appraiser in the scheme.
DeAngelo McMahan, of Hazel Crest, Ill., along with his brother, Carl McMahan who operated a "rehabbing firm," Fred Haywood, owner of New Christian Property Management, Steve Young, Rita McKenzie, and Sumira Persaud, an unlicensed appraiser, have been named in the fraud case.
The scheme involved straw buyers with good credit and falsely inflated income to purchase homes and getting paid for their participation.
Read story at SouthTown Star
Read Press Release Department of Justice
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