Six people were charged this week for conducting a $25 million mortgage fraud scheme that stole money from financial institutions and mortgage lenders. Of the people charged, many were lawyers, real estate agents, and loan officers. They face charges of conspiracy to commit wire and bank fraud, a charge that could carry 30 years in prison.

The individuals are accused of giving lenders fraudulent mortgage applications and putting down fake information on loan applications. They also attempted to cover up how much money was disbursed during property closings. The scheme cost lending institutions millions of dollars after the conspirators failed to make payments on their loans.

According to court documents, the mortgage fraud went undetected for nearly nine years.

If you or someone you love has been the victim of mortgage fraud, contact the New Jersey consumer fraud lawyers of Levinson Axelrod, P.A., P.A at 1-800-346-5529 today.