Bellevue mortgage company have been indicted on fraud charges for allegedly using straw buyers to purchase dozens of homes at inflated prices

Two former employees at a Bellevue mortgage company have been indicted on fraud charges for allegedly using straw buyers to purchase dozens of homes at inflated prices and siphoning off the extra money for themselves.The federal indictment alleges Christopher Brooks and Amani Moss pocketed at least $1.6 million.The indictment says they obtained more than $27 million in fraudulent loans for the purchases of at least 54 homes beginning in 2005.Prosecutors allege they recruited straw buyers, who would allow the men to falsify loan papers for them and then purchase a house at a price above its actual value.The U.S. attorney's office says the homeowners would rebate the extra money to a company controlled by Brooks and Moss. Later, the buyers would default on the loans, leaving lenders with significant losses.The difference between the inflated price and the actual purchase price of the homes ranged from $30,000 to $778,000 per home.If convicted, Brooks and Moss face up to 20 years in prison and a fine of up to $250,000.Six people have been indicted in Western Washington. Four of them - Mustafa Khosraw, Robert Berandt, Isaac Palmer and Zachary Namie - appeared in federal court last month.

Bellevue mortgage company have been indicted on fraud charges for allegedly using straw buyers to purchase dozens of homes at inflated prices

Two former employees at a Bellevue mortgage company have been indicted on fraud charges for allegedly using straw buyers to purchase dozens ...

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