Foreclosure Rescue Operators Indicted By Minnesota Feds

In Minnesota, The Star Tribune reports that Twin Cities mortgage brokers Michael Fiorito, 39, of Prior Lake, and Kristin Louise Jerde, 21, of Eagan, were indicted in a Minneapolis Federal Court this week on charges that they sought out financially distressed and vulnerable homeowners and stripped the equity from their homes using a variety of schemes. They face charges of conspiracy to commit mail fraud and four counts of mail fraud.

The indictment charges that the two suspects stripped more than $160,000 in equity from six homeowners in Mound, Duluth, Vadnais Heights and Shoreview. An official close to the investigation expects the investigation to yield additional indictments. He said about 15 victims were clipped for about $400,000, and that two or three more people may face charges.

For more, see 2 Twin Cities brokers indicted in home equity schemes (Investigators said the Twin Cities mortgage brokers took advantage of homeowners in financial trouble).

See also, Prior Lake man indicted in home equity schemes (Prior Lake American).

For Federal Grand Jury charges, see - Indictment - United States vs. Fiorito & Jerde.