South Boston Mortgage Broker
As Universal Hub reports today, a South Boston mortgage broker will do jail time and be fined $100,000 in a scheme to defraud investors in Boston real estate. The UH sums it up:
According to the AG’s office, Arrington submitted fraudulent mortgage applications to lenders for Boston Equity Investments, which brokered deals between mostly out-of-state buyers and owners of buildings in the Boston area. The bulk of the scheme’s money came by charging buyers more than the sellers would get and keeping the difference. Five other people were indicted; three have also pled guilty, two await trial.