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“What we have here is a group of mortgage industry professionals that have allegedly perpetrated a sophisticated mortgage fraud for profit scheme that was designed to enrich themselves at the expense of a federal housing program,” said Wyatt Achord, special agent in charge at the U.S. Department of Housing and Urban Development’s Office of the Inspector General, in a statement.
U.S. Attorney BJay Pak said in a news conference that the alleged scam depended on an ornate arrangement of falsified documents and bogus details.
