Five Charged in Mortgage Fraud and Conspiracy

U.S. Attorney Preet Bharara announced yesterday that five people have been charged in a $33 million mortgage fraud conspiracy. Bharara said that Terra Foundation claimed to investigate and eliminate debt for a fee. Instead Terra filed approximately 60 fraudulent mortgage discharges in Westchester, Putnam and Connecticut making it appear that mortgages had been paid when in fact they had not. Terra profited through fee collection for services, encouraging clients to take out second mortgages or reverse mortgages and then retaining portions of those funds. Three of the five appeared in White Plains federal court Thursday. Two are still at large. If convicted they face a 30-year prison sentence and a $1 million fine.


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