|Published:||Jan 13, 2014 5:32 AM EST|
|Updated:||Jan 13, 2014 5:32 AM EST|
MIAMI (AP) - Seven people are facing federal charges in South Florida stemming from an alleged $49 million mortgage fraud scheme in North Carolina.
Miami federal prosecutors say a 15-count indictment details how the group used shell companies, phony documents and straw buyers to fraudulently obtain bank loans between 2003 and 2008. The suspects are all Florida residents and the properties were in a development in Cashiers, N.C.
One of those charged was a loan officer at SunTrust Mortgage who was able to move some loan applications through. Other institutions victimized in the fraud were Bank of America, Regions Bank and Wachovia, which is now Wells Fargo.
Prosecutors say charges against the group include bank fraud conspiracy and wire fraud. Each of the 15 charges carries a maximum 30-year prison sentence.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Neighbors saw red flags ahead of animal cruelty arrest
- Three hospitalized after early morning Cape Coral crash
- Fire officials say radios need upgrades by 2017
- Lee deputies searching for 7-Eleven robber
- Local repairman fixes broken Cape Coral clock for free
- Republican candidates take part in forum in Coliler County
- Lee deputies investigating shooting on Bokeelia