Chicago Feds Indict 25 In Alleged Mortgage Fraud Involving 150+ Properties, Potential Losses Of $25M+

In Chicago, Illinois, WMAQ-TV Channel 5 reports:

• Twenty-five people have been charged in one of the biggest mortgage fraud schemes ever prosecuted in the area, the FBI announced Friday. The suspects charged were named in three separate indictments returned Thursday by a federal grand jury in Chicago, according to an FBI release. The charges include mail fraud, wire fraud, money laundering and conspiracy, all of which are felonies. The investigation, dubbed "Operation Marvelous" was initiated in 2004 as a joint effort between the FBI's Safe Streets Gang Task Force and the Postal Inspection Service's Mail Fraud Team after the arrest of 47 known and suspected members of a Chicago-based street gang, according to the release.

• The three indictments allege that more than 150 properties, half of which are in foreclosure, were involved in fraudulent transactions, with potentials losses from fraudulent mortgages in excess of $25 million.

For more, see FBI: Dozens Indicted In Mortgage Fraud Scheme ('Operation Marvelous' Brings Fraud, Conspiracy Charges).