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FBI mortgage fraud cases involve drug gangs and organized crime and nets hundreds

Government official says losses in the fraud cases total $1 billion.

By Michael Webster: Investigative Reporter June 19, 2008 6:00 p.m. PDT

Mortgage fraud arrests video

Hundreds of people across the country have been arrested by law enforcement officials today and yesterday targeting crooked mortgage brokers, real estate agents, industry officials, and drug gangs a top FBI official claims.

Sharon Ormsby, section chief in charge of financial crimes for the FBI, said “some cases, gang, drug and organized crime investigations have resulted in mortgage fraud cases because such schemes enable criminals to launder money.

FBI Director Robert Mueller and Deputy Attorney General Mark Filip announced the arrests the same day of two former Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin, surrendered to the FBI. The men are expected to face federal charges that they intentionally misled investors in two funds that collapsed last summer under the weight of wrong-way bets on mortgage-backed securities.

More than 400 people are believed targets of the far reaching criminal FBI investigations in the mortgage fraud probe. 300 plus suspects have been arrested, including 60 in a coordinated sweep Wednesday, the Justice Department said.

The losses in the mortgage fraud cases cost consumers more than $1 billion, FBI Director Mueller said.

"We will, as appropriate, seek prison terms," Filip said. "It is a very, very serious matter."

"Operation Malicious Mortgage," the investigation by the FBI and Justice Department, began March 1, government officials said. It resulted in 144 fraud cases in which 406 defendants were charged.

The FBI is investigating about 1,400 more cases of potential fraud, Mueller said, calling it "a substantial number of investigations, unfortunately."

The agency has 42 mortgage fraud task forces in operation, employing 180 agents, Mueller said.

Many agencies were credited as contributing to the investigation, including the Internal Revenue Service, the Secret Service, the Department of Housing and Urban Development, immigration and customs agencies, postal inspectors and the Federal Deposit Insurance Corporation.

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