Published: Aug 25, 2010 4:20 PM EDT
Updated: Aug 25, 2010 1:20 PM EDT

WEST PALM BEACH, Fla. (AP) - Authorities have arrested a man who allegedly sold the same house to two different owners and pocketed the money rather than paying off the mortgage.

Michael Chinloy was booked into Palm Beach County jail Tuesday on charges of grand theft and organized scheme to defraud.

Investigators say the 46-year-old pocketed at least $86,000 from the scam.

One couple said they paid Chinloy more than $120,000 in a two-year span after he promised to help them get a mortgage. Instead, authorities say he pocketed the cash and let the house fall into foreclosure.