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FHA Defrauded in $12 Million Scam
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January 7, 2009
A Kansas City man pleaded guilty to participating in a mortgage fraud scheme that bilked FHA and other lenders out of more than $12 million.
Craig A. Long, 36, admitted to conspiring with David Kostelec, a real estate agent and alleged ring leader, along with others to submit fraudulent loan applications and fake real estate appraisals in order to obtain mortgage loans.
One loan, Long submitted, falsely stated the buyer owned a construction company and earned $8,500 a month, however, the buyer was retired and only receiving money from Social Security. The property value was also inflated.
Long faces up to 25 years and a fine up to $500,000 for both charges. Sentencing is set for April 6.
Read story at Infozine.com
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