Final Guilty Plea in Lansing Mortgage Fraud

By: Associated Press
By: Associated Press

Federal prosecutors in western Michigan say the last of seven people accused of participating in a $2.5 million mortgage scam has pleaded guilty.
The government says 43-year-old Mario Giannandrea made the plea Monday before U.S. District Judge Robert Jonker in Grand Rapids.
Sentencing on the fraud conviction is March 27, 2013.
The seven people were indicted July 26, 2012, on accusations of engaging in a scheme to commit mortgage fraud.
The Justice Department says the seven operated under the name of Lansing-based CDC Investments. The government says they inflated the value of pieces of real estate and then staged sales of the properties so that unsuspecting banks would supply mortgages.
The government says the scheme resulted in about 35 mortgages and $2.5 million in losses.


WILX.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
WILX 500 American Road Lansing, MI 48911 517-393-0110
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 180935291 - wilx.com/a?a=180935291