Aug 1, 2008 7:05 am US/Mountain
Police Raid Businesses For Alleged Mortgage Fraud
WHEAT RIDGE, Colo. (AP) ―
Wheat Ridge police led a raid this week on five homes and businesses as part of a large mortgage fraud investigation. Investigators believe many people may have been victims of the scheme.
Officers started to look into the businesses after receiving an anonymous tip.
The raids happened at the same time at places including Superior Lending on 38th Avenue and Mavy Incorporated on Harlan Street.
Police confiscated computers and about 50 boxes of evidence.
Investigators said the alleged fraud ranges from forged income statements to inflated real estate appraisals.
"We're fairly certain there will be folks out there who've purchases homes or worked with either of these companies who will not realize they've purchased a home not worth what they paid until they go to sell it," said Lisa Stigall of Wheat Ridge police.
Investigators haven't released the names of the suspects and are still trying to figure out how many victims may be involved. They add the case extends well beyond the metro area.
Wheat Ridge police are asking anyone who had financial dealings with either company to contact them.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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