CHICAGO (AP) – Ten Chicago-area suspects have been indicted in an alleged scheme to fraudulently secure around 50 residential mortgage loans worth more than $14 million.
The U.S. Attorney’s Office said Thursday the mortgages were used to buy properties – mainly on the south and west sides of Chicago.
The mortgages weren’t fully recovered through later sales or foreclosures. As a result of the alleged scheme, prosecutors say lenders lost at least $8 million in all.
The defendants face different sets of charges. If convicted, some charged with fraud face maximum sentences of 30 years in prison and fines of up to $1 million.
Since 2008, more than 200 people have been accused in federal court in Chicago and Rockford of mortgage fraud. The alleged losses total some $300 million.