Recruiters in Multi-Million Dollar Mortgage Fraud Sentenced to Prison

Recruiters in Multi-Million Dollar Mortgage Fraud Sentenced to Prison

BOSTON – November 23, 2015 – (RealEstateRama) — A Virginia man and woman who recruited participants into a multi-year, multi-property mortgage fraud scheme in Roxbury and Dorchester were sentenced this week in U.S. District Court in Boston.

Between September 2006 and April 2008, Michael David Scott, a former real estate developer, arranged to purchase multi-family residences in Roxbury and Dorchester and then sold individual condominium units in the buildings to straw buyers recruited by him and his co-conspirators, Fowler and Raetz.

United States Attorney Carmen M. Ortiz; Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and William P. Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston, made the announcement today. The case was prosecuted by Assistant U.S. Attorneys Victor A. Wild of Ortiz’s Economic Crimes Unit and Ryan M. DiSantis of Ortiz’s Public Corruption Unit.

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