Seven charged with mortgage fraud
MAHONING/TRUMBULL COUNTY, Ohio - It is a crime that destroys families and devastates communities.
Seven local people face federal criminal charges involving a mortgage fraud ring. The U.S. Attorney's office tells 21 News the scam involved defrauding out-of- state banks of millions of dollars in loans related to the purchase of 48 houses in Trumbull and Mahoning counties.
The local people charged in the alleged scheme are loan officers Roy Root and Dwayne Townsendof Youngstown, Timothy Corey of Youngstown, William Helbley of Poland, Robert Lunsford of Hubbard, Damon Petrich of Boardman and 54-year-old Michael Wagner of Canfield.
Romero Minor formerly of Youngstown and now living in Georgia is the alleged ringleader according to federal officials.
The feds say the group devised an elaborate scheme to round up investors and defraud the banks to get loans to buy local properties at inflated values.
But the feds caught on to the scheme that lasted for three years and now all seven local men will have to answer to the charges when they're called before a federal judge.
