Racket Recorded Forged Deeds To Steal Homes From Unwitting Owners For Use In Mortgage Fraud Scam, Say Florida Authorities

In Miami, Florida, the South Florida Business Journal reports:

• Ten South Floridians have been arrested in what authorities say was a criminal mortgage fraud and identity theft operation. It is alleged they defrauded banks out of more than $8 million by using stolen identities to obtain mortgages, according to a news release from Florida Attorney General Bill McCollum’s office. The arrests are the result of a four-year probe. Investigators said straw buyers used the stolen IDs of Florida and New Jersey residents to purchase and flip properties.

• As part of the scheme, the straw buyers are alleged to have stolen property from legitimate owners by forging a quit claim deed or warranty deed, and then transferring ownership of the property to one of the co-conspirators. A total of 14 properties in Miami-Dade and Broward counties were involved, with most falling into foreclosure as a result.

For the story, see Ten arrested in mortgage fraud scam.

For the Florida Attorney general press release, see Ten Arrested in Multi-Million Dollar Mortgage Fraud and Identity Theft Enterprise.