- Posted November 28, 2012
- Tweet This | Share on Facebook
Last of seven pleads guilty in $2.5M mortgage scam
GRAND RAPIDS (AP) -- 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.
Published: Wed, Nov 28, 2012
headlines Oakland County
- Trivia Night with Wolverine Bar
- Nessel reissues AI scams consumer alert
- Dept. seeks proposals for primary substance abuse prevention programs for youth
- County offers virtual prescription drug disposal training
- ABA names recipients of 2026 Stonewall Award honoring LGBTQ+ advancements in legal profession
headlines National
- Judge orders SCOTUSblog founder Goldstein to home confinement until sentencing
- Plaintiff testifies about addiction in trial against social media companies
- EEOC reverses course on transgender workers’ right to choose restrooms
- Amazon sues review-selling websites, alleging fake online reviews
- Police identify employee at assisted living facility in murder of philanthropist attorney
- New directory of private lending options created as student loan regulations shift




