Mastermind Of "Wraparound Mortgage" Ponzi Scheme Pleads Guilty; Fraud Estimated At $29M

In a Federal Court in Harrisburg, Pennsylvania, Lancaster Online reports:

• Wesley A. Snyder was visibly shaken and his voice cracked Wednesday as he waived his rights in federal court here, pleaded guilty to one count of mail fraud and admitted to engineering a mortgage scheme that defrauded more than 800 clients and investors of an estimated $29.2 million. About 60 of Snyder's victims packed the standing-room-only courtroom.

For more, see Mortgage broker pleads guilty (Snyder admits fraud; victims want redress).

Go here for an illustration of how the refi / wraparound mortgage scam works.

Go here and go here for other posts and links to earlier media reports on the Pennsylvania Ponzi scheme involving OPFM, Image Masters, and other companies operated by Wesley Snyder.