10 Accused of Netting More Than $1 Million in Mortgage Scheme

By: AP Email
By: AP Email

Denver (AP) A grand jury has indicted 10 people on charges of defrauding mortgage lenders of more than $1 million.

The indictment, announced Monday by the Colorado attorney general's office, accuses the suspects of using falsified invoices znd shell corporations to obtain nearly $11 million in mortgages.

The suspects are accused of falsely inflating the prices of homes during closing to claim that the shell corporations were owed money for improvements that were never done.

The attorney general's office says the scheme involved 34 properties in Adams, Arapahoe, Denver and Jefferson counties.

Officials say the indictment is the result of a two-year investigation.

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