The U.S. Attorney’s Office announced the arrest of 11 people, mostly Southern California residents, involved in a complex fraud scheme where property titles of elderly victims were allegedly stolen for the sake of securing millions of dollars’ worth of loans.
Nearly all defendants are charged with conspiracy to commit wire fraud and wire fraud, while other additional charges range from aggravated identity theft to money laundering.
Stolen identities were allegedly used to secure high-value real estate loans, fabricate financial documents, and “move millions of dollars through a maze of fraudulent businesses and funnel accounts,” said Tyler Hatcher, Special Agent in Charge, IRS-CI Los Angeles Field Office…