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Twin Cities Fraud: More Details
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April 17, 2009
The pair recently sentenced for pulling off one of the largest mortgage fraud schemes in Minnesota owned several companies.
Jonathan Edward Helgason, 46, and Thomas Joseph Balko, 38, reportedly paid investors kickbacks of about $2,500 and promised additional monies after two years when the company would repurchase the property from them.
The pair failed to buy back the properties and instead left investors with larger mortgages than the properties real value. Helgason was sentenced eight years and Balko was sentenced seven years.
Read story at Twin Cities.com
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