(Source: Forbes) – According to allegations by federal prosecutors, from late 2004 through January 2007, Alexander Kaplan (former Brooklyn-based real estate lawyer and the owner of a title insurance company) and his co-conspirators obtained hundreds of mortgage and home equity loans by submitting loan applications and supporting documents to various lenders that contained false information.
In order to obtain the mortgages and loans, individuals who fit a certain financial profile were paid to act as phony purchasers, or “straw buyers,” of the target properties. The conspirators created and submitted false and misleading information (such as proof of income or bank statements) concerning the straw buyers’ current residences, employment, income, assets, and existing debt.
Jun. 23 2011 – 8:47 am
To read more, click on this link