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LOs Charged in Multimillion-Dollar Fraud
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May 8, 2009
Four people from Wisconsin and one from Illinois have been accused of participating in a $14 million mortgage fraud scheme that involved at least 40 properties. All the properties have defaulted or gone into foreclosure.
Paul J. Zaleski, 60, formerly of Richmond, Ill., Michael Pembroke, 45, of Twin Lakes in Kenosha County, John F. Hochrek Jr., 48, of Spring Grove, Ill. Patricia Lynn Kay, 47, of Kenosha, and Robert Farrell, 29, formerly of Richmond, Ill. have been charged in a 24-count indictment.
Zaleski is the alleged ringleader and also a loan originator at First Security Financial Services in Kenosha, Wis. along with Farrell. The gang allegedly used false documents and inflated appraisals in the scheme that netted at least $2 million.
If convicted, each defendant faces up to decades in prison.
Read stories at Imperial Valley News and Journal Sentinel Online
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