3 Suspects Charged In Alleged Indianapolis Flipping, Rent Skimming Scam Involving As Many As 400 Properties

In Indianapolis, Indiana, WISH-TV Channel 8 reports:

• Three Carmel residents are facing a number of charges in connection with a possible housing scam.(1) Prosecutors said the three purchased as many as 400 homes in Central Indiana, 200 of which are now in foreclosure.

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• "This company owned almost 400 homes...we're talking about TD Assets, owns 400 homes in Marion and surrounding counties that have a value of about $40 million. And of those 400, 209 of them are in foreclosure," said [Marion County Deputy Prosecutor Barbara] Crawford. The result is neighborhoods that are trying to stay stable end up littered with empty houses.

For more, see 3 arrested in alleged housing scam.

(1) According to the story, the trio appeared in court Friday where they were charged with 13 felony counts related to welfare fraud and theft. If convicted on all of the charges, they could spend up to 10 years in jail.