New York Family Accused of Taking Out $20 Million in Mortgages While Collecting Food Stamps

[Chaotic Lord]

[QUOTE][B]Twelve members of a single family[/B] were charged Thursday with lying to lenders to obtain more than [B]$20 million in mortgage loans while claiming poverty to collect food stamps[/B] and other government benefits over the past decade in what federal authorities call "sweeping and cynical fraud."

[...]

Sources told NBC 4 New York that 13 suspects were arrested in Brooklyn and Kiryas Joel, an Orange County village, and two others surrendered to authorities Thursday. [B]Authorities also served search warrants and seized 23 properties worth a combined $50 million[/B].

[...]

Some of the family members claimed one income on government assistance forms, while vastly overestimating their income to secure large bank loans, officials say. In one instance, one of Rubin's relatives [B]claimed weekly income of $200 to get Medicaid and food stamps while claiming a net worth of $10 million to banks[/B] in order to get $7 million in loans.
"Whether posing as rich men or poor men, they were always con men," Bharara said.[/QUOTE]

[url]http://www.nbcnewyork.com/news/local/NYC-New-York-Hasidic-Jewish-Arrests-Mortgage-Fraud-FBI-Orange-County-282544591.html[/url]

The [URL="http://www.scribd.com/doc/246483741/Mortgage-fraud-indictment"]32 page indictment[/URL], if you want to read it.

[Arid]

So whens their story going to become a movie, i love a good fraud movie.