13 charged in $20m mortgage scam

by Ryan Smith25 Nov 2013
More than a dozen people have been charged in what federal prosecutors are calling a multimillion-dollar mortgage fraud scheme, according to the Philadelphia Business Journal.

The latest charges, brought against David Anthony Holman of Philadelphia, make him the 13th defendant charged in the case, which involves an alleged fraud ring run through a Philadelphia real estate company called KREW Settlement Services, the Journal reported.

Prosecutors say that between 2004 and 2009, the defendants transacted more than a hundred fraudulent mortgage loans, netting more than $20 million in ill-gotten gains from the scam. The defendants allegedly used a variety of methods to perpetrate the fraud, from submitting falsified documents to recruiting straw buyers.

Holman is alleged to have recruited a straw buyer in order to secure a $225,250 mortgage loan, the Journal reported. Another defendant, Rashika J. Moon, allegedly purchased properties in her own name using fraudulent loan documents and later resold them to straw buyers.


Should CFPB have more supervision over credit agencies?