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Home Improvement Fraud Scheme
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December 19, 2008
Two Colorado brokers have been accused of using over-inflated appraisals and illegally collecting mortgage proceeds after the closing.
Jerrold Minney and Steven Scott Werner have been charged with masterminding a $45 million mortgage fraud scheme. Colorado’s Division of Real Estate accused the pair of selling homes at inflated values and returning proceeds to the buyers, minus a commission that was intended for home improvements. Payments were never made on the loans and the homes have gone into foreclosure.
Werner’s attorney, Robert McAllister, claims his client did nothing wrong and had no part in the appraisals of the properties. McAllister said the charges have been overstated and that there was a fundamental misunderstanding of how the Division views Werner.
Read story at Rocky Mountain News
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