Operation Wax House
Operation Wax House is a four-year investigation into fraudulent activities in seven affluent Charlotte-area neighborhoods. Allegedly, mortgage fraud groups have been buying new houses at their true price, then arrange for a "straw buyer" - a pretender - to take a loan to buy the house for much more than the true price. In order to make this happen, many documents must be falsified to convince lenders that the homes are worth much more than they actually are. Once the sale of the home is finalized, the mortgage fraud groups split the difference between the actual price of the home and the inflated loan amount.
Federal prosecutors for Operation Wax House expect to catch up to 70 defendants for mortgage fraud, including promoters, mortgage brokers, closing attorneys, notary publics and straw buyers. North Carolina ranks number three in the country for suspicious activity reports for mortgage fraud, falling behind California and Nevada.
According to the FBI, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. Although banks and lenders are required to keep records and report fraudulent activities, some schemes are very sophisticated and require years of investigation to uncover.
If you or someone you know is involved in a white collar crime like mortgage fraud, contact one of our Charleston federal criminal defense lawyers at The Mace Firm for a free consultation.
If you or someone you know is facing criminal charges. please call our federal criminal defense lawyer to represent your best interests in federal court. The Charleston criminal defense lawyers are here to meet with you during the week or on the weekend. Please call The Mace Firm to schedule your free consultation with one of our good criminal defense lawyers.
