Operation Stolen Dreams--South Florida Mortgage Fraud

Operation Stolen Dreams--South Florida Mortgage Fraud

Operation Stolen Dreams resulted in the indictments of 86 individuals in South Florida for their participation in a series of mortgage fraud schemes that resulted in more than $76 million in fraudulent loans.

Mortgage fraud ruins lives, destroys families and devastates entire communities, it's good to see that these "dirtbags" who are BIG TIME criminals are being held responsible for their destruction.

The unscrupulous actions of individuals and companies who abuse the financial system and the trust of others for their own financial gain are immoral and illegal. Mortgage fraud, like all fraud, is a crime of opportunity. Open the door to such fraud and someone will walk right through.

“Mortgage fraud is a virus that continues to plague the mortgage industry and has gone on to infect the rest of our economy,” said Special Agent in Charge John V. Gillies of the FBI Miami Division. “This is a wake-up call to those in the mortgage industry who think they can get away with creating phony documents to line their pockets with stolen loan proceeds.

The FBI will continue to work with its federal, state and local law enforcement and regulatory partners to bring the perpetrators of these crimes to justice.” South Florida has consistently led the nation in the number of mortgage fraud prosecutions.

In September 2007, the Southern District of Florida announced a Mortgage Fraud Initiative. This was followed in June 2008 with the creation of a Mortgage Fraud Strike Force, comprised of experienced federal, state and local prosecutors, agents, and officers, dedicated exclusively to investigating and prosecuting mortgage fraud cases.

The "86 Dirtbags" comprised of; developers, lawyers, title companies, appraisers, real estate agents & loan officers. Let's hope they get what they deserve.