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A Mint Hill man has pleaded guilty in connection with a mortgage fraud scheme that involved kickbacks to a homebuilder, according to documents filed Wednesday in federal court in Charlotte.
Mike Foley, a former real estate agent, pleaded guilty to one count of mortgage fraud conspiracy and one count of making false statements. He will be sentenced later.
The mortgage fraud scheme, according to court records, involved an unnamed builder who agreed to pay hidden kickbacks to buyers – and to promoters who would find buyers – in order to sell houses.
The kickback money wasn’t disclosed on loan applications to lenders, which is illegal.
