Feds Obtain 30 Count Indictment In "Straw Borrower" Scam

An Albany, New York federal grand jury has indicted Anthony Andersen of Florence, Massachusetts last Friday on 30 counts of mortgage fraud and money laundering, according to an online article on EmpireStateNews.net. Andersen recruited others who allowed him to use their names and identifying information to apply for and obtain loans from Union Planters Bank on property he either owned or controlled, according to the allegations.

The indictment alleges that:

• shortly before the loan closings, Andersen would put the title to these properties in the name of the straw borrowers;
• he also represented to the straw borrowers that he would maintain control of the properties;
• he told the straw borrowers that he would be responsible for the loans;
• he also agreed that he and/or entities controlled by him would re-acquire from the straw borrowers title to the properties shortly after the loan closings; and
• unknown to the lender, he would pay the straw borrowers for allowing him to use their names and identifying information to obtain the loans.
• Andersen misrepresented the properties' values and profitablity, the borrowers' identities and qualifications, and the intended distribution of the loan proceeds.

To read the article, see Mortgage fraud, money laundering indictment handed up.

Click here for the 30 Count Grand Jury Indictment against Anthony Andersen.

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