Indictment says nine people, fake title agencies used in $10M fraud scheme

Nine people involved in a long-running, large-scale mortgage fraud scheme that caused losses of approximately $10 million were charged in two complaints with conspiracy to commit bank fraud. As part of the alleged scheme, those accused are said to have opened up companies with names similar to established, licensed title agencies in order to open up their phony bank accounts and funnel the funds. Read on for the alleged details.