Mortgage Loan Officers Plead Guilty in $1.8 Million Mortgage Fraud

Mortgage Loan Officers Plead Guilty in $1.8 Million Mortgage Fraud

MINNEAPOLIS – August 15, 2012 – (RealEstateRama) — Yesterday in federal court, two mortgage loan officers pleaded guilty to recruiting straw buyers to purchase properties at inflated prices and then distributing the excess loan funds among themselves, the straw buyers, and others involved in the scheme. Chad Arthur Anderson, age 38, and Troy Allen Huston, age 42, both of Chisago City, pleaded guilty to one count of conspiracy to commit mortgage fraud through the use of interstate wires. The two were indicted on April 3, 2012, and entered their pleas before United States District Court Judge Joan N. Ericksen.

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