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Power of Attorney Used in Fraud Scheme
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April 24, 2009
Fifteen properties were purchased in an alleged mortgage fraud scheme that led to the indictment of a 43-year-old Minnesota man. He allegedly used the borrower's information and a power of attorney to submit loan applications on their behalf.
Inyang Amos Inyang was charged with 10 counts related to mortgage fraud that resulted in more than $400,000 loss to various lenders. Inyang allegedly sold his recruits on the idea that he or his company, Cytronica, would make the mortgage payments, when in fact he never intended to make any payments.
Inyang also allegedly submitted false information on the loan applications and falsely claimed that some of the borrowers worked for Cytronica, which in reality the company conducted no business. If convicted, Inyang could face up to 34 years in prison.
Read story at Sun Newspapers
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