Disbarred Attorney Gets 5 Years For $10M Mortgage Fraud

Law360, New York (September 26, 2011, 3:35 PM EDT) -- A disbarred Connecticut attorney was sentenced to serve five years in federal prison on Monday for conducing fraudulent closings on properties bought with roughly $10 million worth of bogus mortgages.

Morris Olmer, who was convicted in April of conspiracy, wire fraud and lying to investigators, finalized deals between the alleged mastermind of the real estate scheme, Syed Babar, and straw buyers who had agreed to purchase properties at inflated prices for a cut of the profits, according prosecutors. The schemers took out loans, some of which...
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