Twin Cities-Area Builder Charged With Mortgage Fraud Conspiracy

The Minneapolis Star Tribune reports:

• An alleged mortgage fraud conspiracy that pocked some southern Twin Cities suburbs with foreclosures and led to an estimated $50 million in losses on nearly 200 houses has boiled down in criminal charges to a much smaller number: $114,465.60. That's the amount the government alleges that Parish Marketing and Development Corp., founder Michael Parish of Eagan and son-in-law Christopher Troup laundered from the conspiracy. [...] Michael Parish and his wife, Ardith, were charged quietly Thursday along with their company and Troup in an alleged mortgage fraud conspiracy that ran from 2003 through last May. [...] So what happened to the rest of the estimated $50 million in losses?

• Government prosecutors aren't commenting yet. The defendants agreed to be charged directly by the U.S. attorney's office in lieu of an indictment. Additional information may emerge Nov. 2, when the defendants are scheduled to be arraigned and enter guilty pleas.

For more, see Developer Parish is charged (Longtime home builders Michael and Ardith Parish are expected to plead guilty in an alleged mortgage fraud conspiracy that has pocked some southern Twin Cities suburbs with foreclosures and led to an estimated $50 million in losses on nearly 200 houses).

See also, Developers expected to plead guilty in mortgage fraud case (KARE-TV Channel 11, The Associated Press).

Go here for other posts on Minnesota homebuilder Parish Marketing and Development.