Meridian Mortgage Founder Charged With $350M Fraud

Law360, New York (October 15, 2010, 2:11 PM EDT) -- Federal prosecutors have unsealed a 10-count wire fraud and money laundering case against a Seattle-area man accused of raising more than $350 million between 2001 and 2010 for his now-bankrupt Meridian Mortgage investment company and using the money to pay for a mansion, jets and expensive cars.

Four of defendant Frederick Darren Berg's Meridian real estate funds were forced into bankruptcy in June and others followed quickly thereafter, according to a criminal information lodged Thursday in the U.S. District Court for the for the Western District...
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