Six Charged In Indianapolis Mortgage Fraud Racket Involving $38M In Mortgages & 568 Homes, Say Authorities

In Indianapolis, Indiana, The Associated Press reports:

• Six men have been charged with theft and fraud in the purchase and resale at inflated prices of hundreds of homes in Indianapolis. Authorities say the men took out almost $38 million in mortgages under fake companies they created, buying and then reselling 568 homes across the city. Investigators say they never paid the mortgages on the homes they bought, sending properties into foreclosure. Authorities identified the six men as Mehran Valiyi of Indianapolis, Brian Beach of Greenwood, Marcus Ward of Carmel, Ladarius Patrick of Fishers, Omar Dillard of Fishers and Preston Forte of Chicago. A Marion County Jail officer says Forte and Patrick had not been taken into custody, and the others were released on bond.

Source: Six charged with fraud in purchase of hundreds of properties.

See also, WISH-TV Channel 8: Six men charged in mortgage fraud schemes.