Dallas: Arrests in Mortgage Fraud Case
The Fort Worth Star-Telegram reports that the FBI has arrested at least 8 people in connection with what it calls a conspiracy to commit wire fraud relating to mortgages.
According to court documents, the defendants sought out single-family homes for sale, including distressed and foreclosed properties. After negotiating a price, they created surplus loan proceeds by inflating the sale price or creating a fake outstanding mortgage lien to be discharged.
Eric Rulack Farrington who conducts wealth-building seminars and is a self-professed homeless man turned millionaire is the lead defendant.