LAPD Arrests, Charges 12 in Southern California $ 15 Million Mortgage & Green – CBS Los Angeles
LOS ANGELES (CBSLA) – After a multi-year investigation, officials from the Los Angeles Police Department announced Wednesday that 12 people had been arrested and charged with mortgage fraud and a green loan program that resulted in a loss of $ 15 million.
The defendants collectively set up a system using the stolen identities of state prison inmates, people with intellectual disabilities, and deceased people to secure mortgages and green loans between 2014 and 2020.
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In a press release, department officials said the group had altered tax documents, bank statements and pay stubs to make it appear that the stolen identities all had high net worth. The program also included falsifying names, signatures and personal information on loan applications, financial documents and county registration documents, with defendants applying for millions of loans from mortgage lenders and green loans. .
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Once the loans were acquired, the funds were transferred to accounts controlled by the group of defendants.
“It was a very long and complex investigation,” said LAPD Cpt. Lillian Carranza, commander of the commercial crimes division, said in a statement. “The victims of these crimes deserve justice and due process.”
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In total, the 12 defendants face 133 counts of allegedly exploiting the fraudulent green mortgage and loan system throughout the Southern California region.