Cheaters Never Prosper (at least not longterm)
By: David Gibbons, Director of Community Relations | June 19, 2008
The chickens have come home to roost for some of those responsible for mortgage fraud and mortgage securities fraud that have contributed to the current mortgage crisis. Operation Malicious Mortgage has nabbed more than 400 individuals involved in real estate deals in just three and a half months, the FBI announced today. This is the third round-up of mortgage fraudsters by the Justice Department since 2004. The FBI has also concluded that two fund managers are responsible for multiple cases of fraud that contributed to the implosion at Bear Sterns. Matthew Tannin and Ralph Cioffi were both arrested yesterday. According to MSNBC, an indictment unsealed in federal court charged both men with securities and wire fraud, and Cioffi with insider trading. For more details, watch MSNBC’s coverage of this morning’s news conference by the FBI and the Justice Department.
- Stumble it!
- Categories: Home Mortgage, Mortgages, Real Estate Industry
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Moneymonk on June 19, 2008 2:05 pm
I know there were more people involved in the subprime mess other than those two people.
It just goes to show, get rich quick never lasts
Sell My House on June 19, 2008 2:20 pm
It is great to see that people are getting what they deserve. I saw last night on the news that Senate Banking Committe Chairman, Chris Dodd reportedly received a special mortgage from countrywide that saved him 77k. And he is in charge of the committie who is looking into countrywide…Let the cards fall where they may.