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20 charged in Puerto Rico mortgage fraud scheme

February 25, 2014

SAN JUAN, Puerto Rico (AP) — Twenty people in Puerto Rico have been charged in a more than $3 million mortgage fraud scheme.

U.S. Attorney Rosa Emilia Rodriguez says the suspects are accused of buying properties through mortgage loans that greatly surpassed the properties’ selling price. She said Tuesday that the excess money would be given to some of the suspects, who would then default on their monthly mortgage payments.

Rodriguez said the suspects targeted four banks in the scheme and submitted fake documents, including financial statements and employment verification letters.

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