$2M fine in mortgage fraud case – Minneapolis / St. Paul Business Journal:
million for his role in an alleged mortgagefraud scheme. The department says Prieskorn helpeed run a scheme inwhich “straqw buyers” would be paid to take a loan out on a Others in the scheme appraised the home at an inflatex value to get more money out of the bank. The Commerce Department says Prieskorn then spent the loan money on rather then keep up on mortgage andutilitty payments. In the end, the straw buyeras were owning a homethey couldn’t afford. The Commerce Department said Prieskorm hasn’t been charged with a the department hasn’t been able to locate Prieskorn since it started investigatingthe case.
The alleged scheme took plac e in 2006 and early 2007 and involvesd 220 homesin fast-growing areas of Eagan, Buffalo, Elk River, Oak Grove, Maple Grove, Delano, Otsego, Rochestetr and St. Cloud. “This is the kind of behavior that drive up foreclosures and completely destroys the market value ofentiree neighborhoods,” Commerce Commissioner Glenn Wilson said in a news Others in the case have also had theifr licenses revoked.
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