Minn. Cops Suspect Two In Alleged I.D. Theft Racket Used To Scam Banks Out Of Million$; Involved About 50 Bogus Home Sales; Many Now In Foreclosure

In Minnetonka,. Minnesota, KAAL-TV Channel 6 reports:

• Police say two suspects took identity theft to a new level—using stolen ID’s, elaborate forged documents, and help from industry insiders to defraud mortgage banks out of millions of dollars in the Metro and across the country.

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• Tynessia Snoddy worked as a realtor for a Minnetonka-based company and helped Bernard Holmes put together up to 50 fraudulent home purchases, according to police. "In dollars, it was tens of millions of dollars in properties being sold," said Minnetonka Police Det. Sgt. Dave Riegert.

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• Holmes and Snoddy—who are believed to be part of a larger criminal ring—walked away from the closing table with commission and cash-back checks, leaving the lenders out of the money they put up. [...] While Holmes and Snoddy’s company has been shut down—officials said the damage has already been done. [...] In fact, many of the homes that were bought by the ring are now in foreclosure.

For more, see Pair's scheme leaves Metro mortgage banks out millions.