3 face charges in mortgage fraud ring
August 14, 2009 8:09 AM
GRAND RAPIDS, Mich. (NEWSCHANNEL 3) - Three people face charges, accused of running a mortgage fraud ring in West Michigan.
State Attorney General Mike Cox says Damon Clark and Reginald Tardy Junior preyed on the Grand Rapids Hispanic community.
They're both in jail.
A third man suspected in the scheme fled the country.
The alleged fraud went down in 2005.
Cox says the men targeted people who spoke little English and didn't understand the mortgage process. They faked loan documents to get mortgages worth more than the property value and then took kick-backs from the inflated price.
Clark and Tardy are due back in court later this month.
