Five Accuse Real Estate Agent In Alleged Straw Buyer Deals

On Long Island, Newsday reports the story of former local real estate agent Nayana Shah (aka Nina Shah) who is accused of duping five investors into being were straw buyers, using allegedly false statements in separate transactions involving in real estate investment financed with subprime loans. Once the market tanked, she is accused by the investors of leaving them high and dry, saddled with unaffordable mortgages, ruined credit, and, in some cases, homes in foreclosure.

She is accused of using a personal bond that was developed with the investors by being members of the same church, the Long Island Jain Center, where she was president and community leader. Reportedly, Nayana Shah's real estate license has since been canceled by New York State licensing regulators in February 2007, for reasons that are not clear. She has also filed bankruptcy. For more, see Bad real estate deals come between 'friends'.

For updates on Nina Shah, see:

• Hicksville Woman Arrested, Police Seeking Additional Info (This case stems from an ongoing mortgage fraud investigation that is being conducted by the local cops, the Nassau County District Attorney's Office and the United States Secret Service - 12-14-07 ).