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Former New Jersey lawyer arrested on charges of $30 million mortgage fraud, laundering

Jan 08 2013 Brett Wolf, Compliance Complete

Federal agents arrested a former New Jersey lawyer on Monday for allegedly conspiring with others in a $30 million mortgage fraud scheme and laundering the proceeds. Michael Rumore, 54, of Lyndhurst, New Jersey, was charged by criminal complaint in September 2012, along with a half dozen other people, including a mortgage broker and several loan officers, in a case coordinated by the U.S. federal and state mortgage fraud task force. He was already incarcerated on other charges. Between September 2006 and May 2008, Rumore and the others ran a large-scale mortgage fraud scheme through a company called Premier Mortgage Services, the complaint states. The defendants allegedly targeted properties in low-income areas, fraudulently arranging for "straw" buyers to receive mortgage loans on the properties. Once the loans were approved, the defendants divided the money amongst themselves, using fraudulent settlement statements to hide the true recipients of the loan proceeds, court

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