The U.S. Attorney’s Office for the Eastern District of New York unsealed an indictment charging six men with carrying out a $30 million bank fraud conspiracy by fraudulently inflating the prices of homes for sale and then obtaining mortgages that far exceeded the true collateral value of properties in Nassau and Suffolk Counties.
Through his mortgage banking company, defendant Aaron Wider and his co-conspirators allegedly re-sold these toxic mortgages to banks and other investors in the secondary mortgage market, causing millions of dollars in losses when the loans went into foreclosure.
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