Saturday, June 19, 2010

$100 Million Mortgage Fraud Ring Busted

A Detroit crime ring has been accused of arranging approximately 500 fraudulent sales and loans totaling more than $100 million, in a scheme that the FBI calls "the largest mortgage fraud we have seen in terms of the number of properties that were involved and the money that was stolen."

The money was allegedly used to fund extravagant lifestyles, including hot rod cars, international travel, palace style homes, and a helicopter. The money was also supposedly used to fund the Choppers Lounge in Flint, Michigan and the Tryst Nightclub in Canton, Michigan (which happens to be right down the street).

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