Friday, Dec 18, 2009

Tip of the iceberg

Yahoo: Six charged in mortgage fraud scam

ONDON (Reuters) - Six people have been charged in a 50 million-pound mortgage fraud scam, the Serious Fraud Office (SFO) said on Friday.
The SFO said the individuals are alleged to have dishonestly obtained loans from banks or building societies secured on commercial properties that were transferred amongst companies controlled by one of the defendants and his associates at inflated prices.
After obtaining advances totalling nearly 50 million pounds, the defendants then quickly defaulted on the mortgages, causing significant losses to the lenders, the SFO said in a statement.

Posted by mikelvingstone @ 07:58 PM (805 views)
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