BOSTON (AP) — Six people have been indicted for allegedly participating in a multimillion dollar mortgage fraud scheme in the Boston area.
Authorities allege that three real estate investors, two local mortgage brokers and a disbarred attorney were part of a complex "Ponzi-like" scheme" to defraud homeowners and mortgage lenders in transactions involving 26 distressed properties in the Greater Boston area.
State Attorney General Martha Coakley announced the indictments Tuesday.
The six are charged with larceny and making a false or exaggerated statement. They're expected to be arraigned in Suffolk Superior Court on Jan. 6.
Coakley, who is running for the U.S. Senate seat held by the late U.S. Sen. Edward Kennedy, said the scheme netted more than $2 million in proceeds.
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