US: Californifia's home-loans scam scores big.
As frauds go, this one was both clever enough to trick people but stupid enough that it would inevitably result in discovery.
A Californian financial services business owner and 18 others have been charged with fraudulently transferring properties to their own name, remortgaging them and running away with the proceeds.
Over a hundred families in 22 states have lost their homes and are now in more debt than they were before, say prosecutors who allege that Charles Head and Head Financial Services, brokers, individual loans officers and even entire banks conspired to defraud a total of 111 families, 90% of whose homes have now been repossessed, of a total of more than USD12.5 million.
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