Minnesota Mortgage Broker Pleads Guilty In Cash Back Fraud

Prior Lake, Minnesota mortgage broker Ronald C. Joseph, 49, pleaded guilty yesterday in a Minneapolis Fedreral Court to federal mail fraud and money laundering charges stemming from a cash back, mortgage fraud scheme whereby he concealed $2.5 million in payments from lenders to himself and others, according to the Minneapolis Star-Tribune. Reportedly, the money was fraudulently obtained from lenders through about 40 real estate transactions in which phony loan applications and closing statements were used to dupe the lenders into making loans. For more, see Prior Lake mortgage broker guilty in loan scheme.

See also, Another Prior Lake mortgage broker pleads guilty to fraud (Shakopee Valley News).