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Defendant Charged in $Millions Mortgage Loan Scam
A federal indictment unsealed late yesterday charges Alpha Rashidi Mshihiri, a 38-year-old Maple Plain man, with conspiring to defraud mortgage loan lenders.
The indictment, which was filed on July 16, 2013, specifically charges Mshihiri with one count of conspiracy to commit bank fraud, three counts of bank fraud, two counts of wire fraud, one count of mail fraud, and one count of money laundering conspiracy.
The indictment alleges that from June 2006 through January 2009, Mshihiri conspired with others to defraud and obtain money from mortgage lenders by means of false and fraudulent representations.
Mshihiri operated Pristine Home Loans and allegedly recruited straw buyers to purchase residential real estate properties.
The straw buyers submitted fraudulent loan applications to the mortgage lenders and, in some instances, used the stolen identity others in their applications.
Every property purchased through the scheme has gone into foreclosure, resulting in substantial losses to the victim lenders.
If convicted, Mshihiri faces a potential maximum penalty of 30 years on each count.
Key Facts
- State: Minnesota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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