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23 arrested in Puerto Rico in mortgage fraud case

September 10, 2013

SAN JUAN, Puerto Rico (AP) — Federal agents in Puerto Rico have arrested 23 people indicted in a $5.4 million mortgage fraud case.

U.S. Attorney Rosa Emilia Rodriguez said Tuesday that the suspects include real estate agents, loan officers, appraisers and street brokers.

They are accused of submitting fake documents to mortgage lending companies to obtain loans. The documents included bank account statements, rental contracts and employment certifications.

Rodriguez said once a bank approved the loan, the suspects would divide the profits.

The companies targeted include Banco Santander, Doral Bank, RG Premier Bank and Banco Bilbao Vizcaya Argentaria.

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