Feds Indict 11 On Alleged Mortgage Fraud

Boston, MA (AHN) - Eleven people were indicted in what federal authorities described as a large-scale mortgage scheme that obtained $10.6 million from lenders.

Ranging in age from 21 to 59 years-old, the individuals between May 2005 and June 2006 allegedly used "straw" borrowers and stolen identification to get 21 properties that eventually were defaulted and many foreclosed upon.

According to U.S. Attorney Michael Sullivan in the Justice Department's Massachusetts District, those charged includ a practicing attorney, a suspended attorney and several mortgage and real estate brokers. The group face 41 counts of wire fraud, 19 counts of money laundering and five counts of aggravated identity theft.