BUFFALO, N.Y. (AP) — Federal officials say they’ve indicted four men in upstate New York who were allegedly behind a multimillion dollar mortgage fraud scheme.
The four men from the Buffalo and Rochester area have been charged with conspiracy to commit wire fraud and bank fraud, alongside other fraud charges. According to federal officials, the suspects conspired to defraud financial institutions and government-sponsored organizations including Freddie Mac and Fannie Mae over a period of six years.
According to the indictment, the defendants conspired to have lenders issue loans for apartment complexes in larger amounts than they would have by providing false rent rolls.
The false information suggested the suspects’ apartments had more occupied units than they actually did.
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The charges carry a maximum of 30 years in prison and a $1 million fine.