Friday, May 10, 2013

Fraudulent Purchase & Financing Of Three Homes Using Stolen IDs Among Ripoffs Subject Of Guilty Verdict For Now-Convicted Straw Buyer Scam Operator

From the Office of the U.S. Attorney (Las Vegas, Nevada):

  • Following a six-day jury trial, Nicholas Lindsey, 40, of, Billings, Montana, was convicted [] of nine counts of wire fraud and one count of aggravated identity theft for his role in a mortgage fraud scheme, announced Daniel G. Bogden, United States Attorney for the District of Nevada.
  • In addition to the [fraudulently-financed purchases of]  five homes of which the [straw] buyers were aware, Lindsey stole two buyers’ identities and used their personal information to purchase three additional properties in their names.

    The evidence established that Lindsey leased two of these properties and collected rental income and used the third as his own personal residence.

    After collecting profits, Lindsey stopped making the mortgage payments on the properties and allowed all eight homes to default in the borrowers’ names, causing an estimated loss to lenders of $1.6 million.

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