St. Louis Feds Get Guilty Plea In Mortgage Scam

In St. Louis, Missouri, the St. Louis Business Journal reports:

• Christopher Rakel, a real estate broker in St. Louis, Mo., pleaded guilty to fraud charges involving a scheme to defraud banks and other mortgage lenders, U.S. Attorney Catherine Hanaway said Thursday. Rakel, 29, of St. Louis County, pleaded guilty to one felony count of conspiracy to commit bank, wire and mail fraud, and one felony count of money laundering in a scheme that involved dozens of properties, and a number of co-conspirators, including investors, mortgage brokers and appraisers, according to a release from Hanaway's office.

For more, see Rakel pleads guilty to fraud, money laundering.