Between March 1 and June 18 of 2008, the U.S. Department of Justice and the FBI arrested over 300 people on charges of mortgage fraud in an investigation known as "Operation Malicious Mortgage."
FBI Statement on Arrests
"Through this operation more than 400 defendants have been charged. We have obtained 173 convictions in crimes that accounted for more than $1 billion in estimated losses." — FBI Director Robert MuellerNECN.com Video: Over 400 mortgage fraud arrests made nationwide (June 19, 2008)
References
Fast Facts
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Investigation called
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Over 400 people charged with fraud
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Investigation began on March 1, 2008
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Former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin arrested in a separate sweep
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June 18, 2008
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Schemes included
fraudulent bankruptcy claims, forged documents, misstatement of income and inflated appraisals
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Fraud is factor in the housing crisis
