More On Minnesota Feds' Foreclosure Rescue Prosecution

As reported in a prior post, Twin Cities mortgage brokers Michael Fiorito, 39, of Prior Lake, and Kristin Louise Jerde, 21, of Eagan, were indicted in a Minneapolis Federal Court a couple of weeks ago on charges that they sought out financially strapped homeowners facing foreclosure and stripped the equity from their homes using a variety of schemes.

They were charged with (1) conspiracy to commit mail fraud, (2) mail fraud - 3 counts, (3) engaging in a financial transaction with criminally derived property (money laundering). The government is also seeking forfeiture of all property obtained, connected with, or traceable to the proceeds of the alleged scam.

For the Federal grand jury charges, see - Indictment - United States vs. Fiorito & Jerde.

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