500 Held for Their Role in Mortgage Fraud

The Justice Department informed yesterday that inspectors have been able to arrest nearly 500 of those involved in a major crackdown on mortgage deception activity ever since the month of March.

U. S. Attorney General, Eric Holder forced the countrywide push, named as Operation Stolen Dreams, which is the largest cooperative enforcement attempt that is aimed at tackling mortgage deception.

Holder said that 1,215 criminal defendants had been caught in cases that exposed more than $2.3 billion in losses, and said the Justice Department also occupied in civil enforcement proceedings so as to make a recovery of more than $147 million in the operation.

A major case in Massachusetts led to the arrest of five defendants prior this month in a $10.6 million mortgage deception case that involved the sale of 21 properties in Boston and on the South Shore.

Lawyers Eric L. Levine of Brookline and J. Daniel Lindley of Jamaica Plain were arrested on the charges of money laundering, and real estate broker Ernst Appolon of Braintree and mortgage brokers Daniel Appolon and LaToya HaltiWanger of Los Angeles were as well taken into custody for being allegedly involved in wire fraud.

FBI Director, Robert Mueller said that the mortgage fraud is a major risk to the monetary stability of the nation.