US Atty Sues Over Alleged NY House-Flipping Fraud

Law360, New York (December 13, 2010, 8:16 PM EST) -- A U.S. attorney has filed a civil fraud suit against a mortgage lender and 13 other entities allegedly involved in a house-flipping scheme that snared Citibank NA and the federal government.

Preet Bharara, the U.S. attorney for the Southern District of New York, said Monday that he and other federal law enforcers sued Great Neck, N.Y.-based mortgage lender Cambridge Home Capital LLC and several entities controlled by defendant Mitchell Cohen of Brooklyn, N.Y.

In all, 14 entities were sued over at least 17 fraudulently secured loans,...
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