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Posted at 9:05 AM ET, 02/24/2011

Man charged in D.C. housing fraud

By Allison Klein
Allison Klein

A 40-year-old District man has been indicted in connection with a $9 million housing scheme involving 22 properties, almost all in the city, officials said.

Akinola George, 40, allegedly recruited straw buyers who were not qualified to purchase homes and arranged for them to sign forged documents for mortgage loans, according to a seven-count indictment filed in U.S. District Court.

George siphoned off $2.4 million in lender money through phony invoices claiming that the homes had been renovated, even though little or no work had been completed, according to the indictment. Many of the mortgages defaulted and the properties were foreclosed on and resold for a loss.

George faces charges of bank fraud, mail fraud, and conspiracy to commit bank and mail fraud.

By Allison Klein  | February 24, 2011; 9:05 AM ET
Categories:  Allison Klein, Financial Crimes, The District  
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