Georgia AG Probe May Involve Nearly 100 Inflated Mortgages In 124 Unit Subdivision; Indictments Expected

In Athens, Georgia, the Athens Banner Herald reports:

• The Georgia Attorney General's office is winding down a two-year probe of what officials call the most complex mortgage fraud scheme in state history. Other schemes may have defrauded lenders and homeowners of more money, officials said, but the alleged $7 million fraud at Milford Hills off Barnett Shoals Road involved the most properties in a single subdivision. [...] Brian Dupree, a former Athens businessman, is at the center of the fraud investigation. Officials say Dupree held himself out as a developer, and through his company, Dupree Investments, he bought up Milford Hills properties then conspired with others to inflate their values for resale. [...] Nearly 100 inflated loans were issued for Milford Hills properties in the 124-unit subdivision, according to Craig Weitzel, an Atlanta mortgage fraud investigator.

For more, see Indictments expected in fraud scheme.