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White-Collar Crime

2 Lawyers Face Federal Charges in Alleged 9-Year, $25M Mortgage Fraud Conspiracy

Posted Oct 5, 2011 3:18 PM CDT
By Martha Neil

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Two New York lawyers are among six defendants facing federal charges in an alleged nine-year mortgage fraud conspiracy in which the participants are accused of using straw buyers and fraudulent loan applications to bilk lenders of some $25 million.

Prosecutors discussing a superseding federal indictment announced today said attorneys Matthew Burstein and Aaron Rabinowitz, both 40, represented buyers and lenders in some of the real estate transactions at issue, according to Reuters.

They, two loan officers and a real estate agent and another man who allegedly helped recruit straw buyers are facing charges of conspiracy to commit bank and wire fraud in the Brooklyn federal court case. If convicted, they could be sentenced to as much as 30 years in prison.

The article doesn't include any comment from the defendants or their counsel.

An FBI press release provides further details.

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