The FBI has arrested 10 people charged with participating in a $60 million mortgage fraud ring early Thursday morning in the New York area, FoxNews.com has learned.
Three more suspects are expected to be in custody by the end of the day, an FBI official said.
The 13 alleged members of the mortgage fraud ring include real estate attorneys, title closers, appraisers and straw buyers. They were arrested on conspiracy to commit bank fraud and wire fraud charges.
All are expected to appear before a judge in the Southern District federal court on Thursday.
One of the main subjects created numerous mortgage brokerages, including FCE and TAT Mutual Capital. Through these brokerages, the subject allegedly facilitated fraudulent real estate loan transactions throughout the New York metropolitan area.
The scheme involved more than 100 properties in New York and Florida
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