Ex-Real Estate Agent Cops Plea For Role In Mortgage Fraud Scam Where Builder Kicked Backed Cash To Buyers, Salespeople To Help Unload Unsold Inventory
- A Mint Hill man has pleaded guilty in connection with a mortgage fraud scheme that involved kickbacks [by] a homebuilder, according to documents filed Wednesday in federal court in Charlotte. Mike Foley, a former real estate agent, pleaded guilty to one count of mortgage fraud conspiracy and one count of making false statements. He will be sentenced later.
- The mortgage fraud scheme, according to court records, involved an unnamed builder who agreed to pay hidden kickbacks to buyers - and to promoters who would find buyers - in order to sell houses. [...] Foley was accused of serving as a real estate agent in the deals and facilitating the kickbacks. [...] Overall, the conspiracy involved about $5 million in kickbacks and about $42 million in fraudulent loans, court records say.
For the story, see Guilty plea entered in mortgage fraud case.
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