Another Land Flipper Sentenced To Federal Prison

.
A Massachusetts man was sentenced yesterday in federal court in Sprigfield, Massachusetts for his role in a land flipping and mortgage fraud scam. According to prosecutors, the scam involved drawing in unwitting buyers with realty investment opportunities without the need for any downpayments, promising them money back at the real estate closing, and generating false documentation to induce mortgage lenders to approve loans. Also involved in the conspiracy were real estate appraisers who provided false property appraisals to support the loan amounts for the artificially inflated property values, and attorneys who generated false and fraudulent real estate closing documentation to facilitate and conceal the fraud.

To read more, see Wilbraham Man Sentenced to Prison for Role in Multi-Million Dollar Mortgage Fraud Reports U.S. Attorney, as reported at prnewswire.com.

For a previous report on this story, click here for Real estate fraud case nets prison, confinement.
.