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Two Arrested for Fraudulent $1.8B Property Deal

Federal authorities announced the arrest of two New York men for their roles in allegedly falsifying loan documents as part of a $1.8 billion multifamily housing purchase.

fraud 2695269 640smallAccording to the press release, the men— Jacob and Aron Deutsch of property management firm B H Property Management—face charges of conspiracy to commit mail and wire fraud, wire fraud, mail fraud, and making false statements.

Prosecutors claim that the pair defrauded mortgage origination and servicing company CBRE Capital Markets as well as Freddie Mac.

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