DEVELOPING STORY: Kearny Board of Education vice-president John Leadbeater arrested on mortgage-fraud charges http://www.theobserver.com/?p=14621
These fraudsters are all about the same age.
These guys were amateurs. I know a guy who made a killing by buying houses with partners, partners who could not stay in very long. He would buy out his partners for a song when his partners wanted out. In the meantime he did not pay the mortgage while collecting the rents. These were not bungalows, but McMansions. He had a lawyer out of Boston who kept the banks at bay for years, five, six, seven yeas of collecting market value rents in the NYC suburbs. When the end came, he would throw the keys through the front door and walk away with a fortune. All legal, but not right.
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