Friday, June 20, 2008

Hawaii real-estate agents under FBI investigation

In Hawai'i, the FBI is looking at real-estate agents, mortgage bankers, home builders, attorneys, appraisers and buyers who "knowingly allow some frauds to occur so that they can purchase property," according to the U.S. attorney's office.

According to the indictment, buyers applied for loans they never intended to pay back, loan officers handled applications they knew were false and sellers knew proceeds from the sale would be obtained by fraud.

"These are not the last defendants in Hawai'i who will be charged with these types of crimes," Kubo said.

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