There’s apparently just something about the state of Florida that makes us feel like signing up for an identity theft protection program. It was announced last weekend that a group of 10 individuals were arrested in a massive mortgage fraud and identity theft operation. The announcement was made by the Attorney General of Florida, Bill McCollum, and the Florida Department of Law Enforcement Commissioner, Gerald Bailey.
This group is charged with stealing more than $8 million from a number of different financial institutions. In the process, they are accused of using other unsuspecting peoples’ identities to get mortgages and properties. Specifically, the arrested individuals are looking at charges including racketeering, conspiracy to commit racketeering, grand theft, and title insurance fraud.
These arrests come at the end of a four year investigation. The investigation was conducted by the FDLE, as well as the AG’s office. The investigators have discovered the scheme, which used so-called “straw buyers” to use personal identification of victims whose identity was stolen. The buyers then got credit and made purchase for properties that they had no intention of making mortgage payments on. Those properties were then sold to other straw buyers at a profit using the same scheme.
In some cases, the group stole properties from legitimate owners by forging a Warranty Deed or a Quit Claim Deed. They then deeded the property to one of the co-conspirators. Overall, they obtained home loans for 14 properties in both Broward and Miami-Dade Counties. The properties today are in foreclosure because of nonpayment on these loans.
The investigation is ongoing, of course.
There is a lesson to be learned here. Identity thieves and other criminals are finding new and more creative ways to rip off common folks. If you’re not on top of things, you can find yourself victimized. You need to take steps to protect your identity and your assets, so that if you’re targeted by these types of criminals you will know it right away.
