California Feds Charge Stockton Man In Multi-Million Dollar Mortgage Fraud

KXTV-TV Channel 10 in Sacramento, California reports:

• "What began with an identity theft investigation eventually led the FBI to an alleged mortgage fraud scheme involving subprime lenders and dozens of homes in Stockton. The FBI says Iftikhar Ahmad, 36, made millions by buying and selling more than 100 houses over the past eleven years. According to a complaint and supporting affidavit filed in federal court, many of the transactions involved a quick turnaround with a dramatic price increase."

Reportedly, along with straw buyers Robert Ortiz Alfaro and Manpreet Singh, Ahmad faces charges of mail fraud. Ahmad also faces money laundering charges. It is believed that Ahmad pocketed around $9 million in one 3-year period, and that some of which was sent back to his native country, Pakistan.

Court documents say the FBI suspects a number of real estate professionals of possible complicity in the scheme and have questioned or investigated a mortgage broker, loan officer, escrow officer, notary, and two appraisers, according to the story.

For more, watch

• the Channel 10 report - Part 1
• the Channel 10 report - Part 2

To read the online stories, see:

• Mortgage Fraud Bust Linked to Stockton Homes
• ID Theft Victim Helps Crack Mortgage Fraud