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Six indicted for roles in $30M Long Island mortgage fraud conspiracy
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Court Report
Wednesday, May 7, 2014
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An indictment was unsealed May 6, charging six men with carrying out a $30 million bank fraud conspiracy by fraudulently inflating the prices of homes for sale and then obtaining mortgages that far exceeded the true collateral value of properties in Nassau and Suffolk Counties. Through his mortgage banking company, defendant Aaron Wider and his co-conspirators allegedly then re-sold these “toxic” mortgages to banks and other investors in the secondary mortgage market, causing millions in losses when the loans went into foreclosure. Four of the defendants were arrested presented for arraignment at the United States Courthouse in Central Islip, N.Y., before U. S. Magistrate Judge Gary Brown. Of the remaining two defendants, one was taken into custody in Florida, while another is scheduled to surrender to federal agents tomorrow in Central Islip.
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