Real Estate Crook gets Sentenced
October 4, 2008
Given the current economy and real estate markets, its one of the stories that everyone loves to read: a real estate crook gets sentenced for his part in a $40 million mortgage fraud crime spree that he commited in California. Charles Fitzgerald was one of the principles that involved 11 persons working together in a high end luxury home real estate flipping scheme in swanky Beverly Hills CA. The basics of the scheme was they purchased homes at a market value price, then cooked the books and created records that showed that the homes were worth 2 or 3 times as much - and then they’d secure new loans based on those bogus numbers. They kept up the mortgage payments on the front end so they could keep the whole ball rolling on the scheme - but then the housing market began slowing down, and they stopped making payments and were caught.
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