Alaska Feds Nail 9 In Alleged Mortgage Fraud Operation

In Anchorage, Alaska, KTUU-TV Channel 2 reports:

• Federal prosecutors say they have uncovered the largest case of mortgage fraud in state history. [...] Prosecutors say in Anchorage shady deals and swindling had a group of real estate wrong doers cashing in. They charged nine people on 64 counts including conspiracy, wire fraud, bank fraud and false statements. [...] The group's ring leader is said to be 34-year-old broker Lance Lockard. Authorities caught up to Lockard Friday in Florida.

Reportedly, in one of the alleged schemes, seven homes on one street and six more on another street only a block away, were all financed to the same person at the same time. Two of the alleged scam members are accused of arranging 12 different lenders so each would be in the dark that the same buyer was involved on each one.

The alleged scam members pocketed $1.7 million and lenders have lost $1 million to date with more foreclosures pending, according to the charges. The prosecutors from the U.S. Attorney's office in Anchorage say that the overall racket involved every level of professional in a real estate transaction.

For more, see Feds bust mortgage swindlers (read story) (watch video).

See also,

• Nine charged with mortgage fraud (Phony loans net alleged conspirators $1.7 million over 3 years) (Anchorage Daily News),
• U.S. Attorney's press release.