Bank Duped in $26 Mil Secondary Fraud Scheme

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MORTGAGE EXPERT
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An Arizona mortgage banker allegedly diverted more than $26 million in funding from a Bismarck, N.D., bank that was intended to fund loan purchases then issued bogus financial statements to cover up the fraud. The lender has since collapsed, and the bank is asking a judge to appoint a receiver and attempt to recover some of the assets.

This wire news service story is no longer available.

However a copy might still be available at www.bismarcktribune.com

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Mortgage Daily Staff

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