A dozen men have been indicted on charges they ran an elaborate mortgage fraud scheme in Atlanta’s West End.
According to a report from the Atlanta Journal Constitution newspaper, Fulton County District Attorney Paul Howard Jr. is accusing 12 men of selling nine homes using false appraisals more than double its actual value.
These homes are situated in an Atlanta neighborhood where homes have been sold and foreclosed numerous times, according to the Journal Constitution. That, according to an Atlanta Police detective, is a sign of suspected mortgage fraud.
Police report that while this bust included on nine homes, and the 12 men are accused of walking away from the scheme with $212,000, there are potentially thousands more homes tied to mortgage fraud schemes in Atlanta, alone.
Five of the 12 arrests have been made, but seven others indicted remain on the loose.