Two Plea Guilty In Alleged Twin Cities Flipping Scam Involving 162 Properties, $35M In Mortgage Loans

In Minneapolis, Minnesota, the Minneapolis Star Tribune reports:

• Two men behind one of the largest mortgage fraud schemes to hit the Twin Cities area pleaded guilty to mail fraud Thursday in federal court. Thomas J. Balko and Jonathan E. Helgason, co-owners of TJ Waconia, pleaded guilty to a three-year scheme that involved 162 properties and $35 million in mortgages. Most of those properties were in north Minneapolis where a city lawsuit charges that the men and their firm laid waste to three neighborhoods, leaving blocks dotted with vacant, deteriorating housing. They turned 141 of the properties over to a court-appointed receiver this week.

For more, see Two plead guilty in $35 million mortgage fraud scheme.

See also, Twin Cities Finance and Commerce: TJ Waconia owners plead guilty to mortgage fraud.

Go here for other posts on the alleged TJ Waconia house flipping operation.