Couple Pleads Guilty Of Mortgage Fraud

[Tawfik Ahdab]

http://www.palmbeachpost.com/localnews/con...9220aa00d3.html

It began when Christopher Vigliotti, while being arrested on forgery charges, told Palm Beach County sheriff's Detective Bill Griffin that he was making a killing in real estate. During his investigation, Griffin uncovered a scheme that involved mortgage brokers, appraisers and an accountant in a conspiracy to use false credit information to secure hundreds of thousands of dollars in loans for homes appraised at many times their real value. The group then defaulted on the loans, leaving the banks nothing to collect.

They had gotten more than $8 million in loans by the time they were charged with racketeering and theft in April 2002. Investigators seized the homes and recovered all but $400,000.

One bank closed as a result of the scam, but the damage from the scheme went beyond the banks that lost money, statewide prosecutor Ann Marie Smith said. The loans that the Vigliottis got were intended to help entrepreneurs and other self-employed people buy homes, she said. By exploiting those loans, they undermined lenders' confidence. They also inflated property values by buying homes for hundreds of thousands of dollars more than they were worth, she said.

I believe we ain't seen nothin' yet...

 

[Pamela Crowley (Florida)]

I believe we are right now seeing just the beginnings of stories like this.

 

[Claude From NY]

Yep, it really is the tip of the iceberg. The item of interest is that it's not just an appraiser or mortgage broker committing the fraud. It's the entire circle of slime balls. Including accountants and attorneys.

 

[Oregon Doug]

The first mortgage fraud investigation that I was involved in was back in 1974 (a VA scam) and now I'm getting close to retireing. It just amazes me how this keeps on going on. In almost every case, there is some scofflaw appraiser involved - and it's the same old thing over & over - it's getting boring.

Oregon Doug

 

[george foster]

Geez, my "RACKETEERING" adjective keeps appearing more and more...

Party's only begun folks.........

 

[jay trotta]

Tawfik;

story sounds like it has a heavy ring to it..............., wasn't it somewhere around Tampa/St.Pete another story similar to this poped up awhile back :question:

Nothing against our Brothers n Sisters in the state, but anybody wondering why it's been nicknamed.............Floriduh

Don't want ta leave out my buddy :mrgreen: Tim (Texas).....but this sorta looks like what started there back in the late 80's early 90's - guess they all left Texas an headed fer greener pasture's down there in FLA B)

h34r: