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Real Estate Manager Pleads Guilty to $50M Mortgage Fraud

A Hartford, Conn., real estate portfolio manager has pleaded guilty to a charge stemming from a mortgage fraud scheme involving almost $50 million in loans. So reports the Hartford Business Journal.

fraud 2695269 640smallAccording to federal authorities, Jacob Deutsch was working at BH Property Management, a company that manages multifamily housing properties in Hartford, when he falsified occupancy rates and doctored financial documents to secure the loans.

Deutsch, 57, of Brooklyn, N.Y., faces a maximum prison sentence of 30 years.

Read the full article from Hartford Business Journal.

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