Ringleader In Atlanta $15M Straw Buyer, Flipping Scam Cops Federal Plea

In Atlanta, Georgia, the Atlanta Business Journal reports:

• A Georgia man pleaded guilty late Wednesday to running a $15 million mortgage fraud ring in Atlanta's West End. Kevin G. Wiggins, 41, of Ellenwood, Ga., pleaded guilty in federal district court to charges related to a large-scale mortgage fraud scheme that targeted West End neighborhoods in Atlanta in 2001 and 2002. Wiggins contracted to buy more than 80 distressed properties primarily in Atlanta West End neighborhoods at their true value which ranged from $24,000 to $80,000. Then, before he actually bought the property, he deeded the properties to unqualified straw borrowers, some of whom were his relatives. Using false information about the unqualified straw borrowers, he arranged for financing for them and got more than $15 million in mortgage loans. [...] Wiggins pleaded guilty to one count of conspiracy and two counts of wire fraud.

For more, see Ellenwood man guilty in Atlanta mortgage fraud case.