Feds Indict Two In "Cash Back" Flipping Scam; Biggest Mortgage Fraud Scheme To Ever Hit SE Missouri, Says Prosecutor

In Cape Girardeau, Missouri, KFVS-TV Channel 12 reports:

• Two men are accused in what the U.S. Attorney calls the biggest mortgage fraud scheme ever to hit southeast Missouri.

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• [Todd] McBride and [Bob] Wrolstad are accused of recruiting investors through Century Mortgage. At the same time, the two men allegedly picked up properties on Sikeston's west side, got inflated appraisals on them and then arranged for bank loans based on those phony appraisals. McBride and Wrolstad then allegedly sold the overvalued properties to the investors and directed the mortgage loan money straight into their personal bank accounts.

For more, see Housejacked: Men Charged in Mortgage Scheme in Federal Court.

From the U.S. Attorney's Office (Eastern District - Missouri):

• Major Mortgage Fraud Scheme Indicted,
• Indictment - USA v. McBride, Wrolstad.

Go here for earlier posts on KFVS-TV "Housejacking" Investigation.