Busted-Largest Mortgage Fraud Ring in Fairfax County

After a two year investigation the FBI and Fairfax County (VA) officials have finally unraveled a $100 million dollar mortgage fraud case.

"According to the federal indictment, real estate agents Ruben Rojas, 30, and his sister-in-law, Litcia Linares, 32, organized the fraudulent transactions, along with Rojas' sister, 28-year-old Lourdes Rojas Almanza, a loan officer, and his brother, Jaime Rojas."

Many of us who worked in the Springfield (VA) area during the "hot" market were familiar with the names of those who were named in the federal indictment. The Rojas group was involved in buying and selling a significant percentage of the older homes in Springfield. In some cases the homes "flipped" from a $400,000 one story home to a $1,000,000 mansion before the new home was even built.

The aftermath of the flipping scheme can be seen in the foreclosures and short sales that line the streets of once solid older Springfield neighborhoods.

You can read the entire article here:

20 Arrested in Fairfax Mortgage Fraud Bust