Real Estate Scam of the Day: Look Out for “Lawyers” Touting Fake Properties
A woman in Quincy, New York has recently been indicted for pretending to be a lawyer, obtaining equity lines of credit and mortgages through false information and even taking out loans on properties that did not exist. The woman, along with three other people, allegedly made more than $2.8 million in about two years by submitting appraisals for non-existent properties using other people’s identities. Once the loans were obtained, bills were paid for a short period of time, then the loans were allowed to go into default, at which point it was discovered that at least some of the properties did not exist at all, and that none should have been used as collateral[1].
Authorities dubbed this particular scheme “Operation Stolen Dreams,” and had targeted the fake lawyer (who has multiple aliases) as part of a 38-person sting. She faces 30 years in prison, up to $250,000 in fines and being forced to make restitution.
[1] http://www.patriotledger.com/news/cops_and_courts/x1059329793/Quincy-woman-charged-with-fraud