CSBJ Daily

Colorado Attorney General John Suthers this week confirmed the indictment of 10 people for mortgage real estate fraud.

Those indicted are mostly from the Denver metro area and include a real estate broker, a mortgage broker, an administrative assistant, a buyer and several income property investors, all operating as a group to take equity cash out of real estate acquisitions.

The group’s enterprise allegedly used real estate contract amendments, falsified loan applications and/or falsified invoices to deceive mortgage lenders into paying money to the defendants.

A total of 34 properties and $10.9 million in real estate loans were included in the investigation. Close to $1.1 million in fraudulent payments were diverted to the group’s members through the use of shell corporations and limited liability companies. All were set up by real estate broker Uto Essien.

The 10 defendants are facing 29 charges including violations of the Colorado Organized Crime Control Act, theft, forgery, theft by receiving and computer crime.

Suthers had announced shortly after taking office that the investigation and prosecution of mortgage fraud would be a priority of his administration.