A Virginia man on Monday pleaded guilty to federal charges tied to bogus real estate transactions conducted between 2006 and 2007.
Cary McEntee of Virginia Beach was charged with trying to swindle banks in connection with mortgage transactions involving more than $4 million in loans, according to the
McEntee and his co-conspirators used "straw buyers" who would pose as borrowers and apply for a mortgage loan, but did not intend to pay the mortgage. McEntee and the other conspirators would then use the mortgage proceeds to enrich themselves. Banks involved in the fraud lost more than $2.6 million after the properties went into foreclosure.
McEntee committed the criminal acts in Lansing, Mich., and the transactions were related to real estate in Newport News, Va. McEntee's investigation was conducted as part of the Mortgage Fraud Task Force, which involves multiple federal agencies.
