(Source: New York Post)

Three lawyers and two real estate brokers were busted today in a $10 million mortgage fraud scheme in Brooklyn and Queens that allegedly duped a former Lehman Brothers subsidiary and other property lenders.

In the two-step scam between 2005 and 2007, lawyers Akin Ayorinde, Anthony Onua and Umana Oton are accused of using straw buyers to purchase properties in Bedford-Stuyvesant, Brooklyn and Elmont, Queens.

Then they would then turnaround and sell the properties to dummy buyers at inflated prices, according to the feds.

The mortgage lenders would wire the funds directly into the lawyers’ accounts, according to the feds, where they would distribute it among there accomplices.

Read Jonon Fisher’s full article “Lawyers, real estate brokers busted in $10M mortgage scam” in the New York Post (April 6, 2010).

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