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Real Estate Agent News: West Michigan developer indicted in $8 million real mortgage ‘stacking’ fraud

Charles GahanVolusia County Corrections

GRAND RAPIDS, MI – The FBI arrested a West Michigan real estate developer for his alleged role in an $8 million mortgage scheme.

Charles Patrick Gahan, 51, is indicted on a charge of conspiracy to commit wire fraud affecting financial institutions.

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Summary of the Article

To perpetrate such a scheme, the owner works in concert with a real estate closing agent and title agent who will assist in the fraud by not disclosing …

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Article

charlesgahan.jpgCharles GahanVolusia County Corrections

GRAND RAPIDS, MI – The FBI arrested a West Michigan real estate developer for his alleged role in an $8 million mortgage scheme.

Charles Patrick Gahan, 51, is indicted on a charge of conspiracy to commit wire fraud affecting financial institutions. Last year, he reached a plea deal with federal prosecutors but the plea never happened.

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first published: 2015-02-27 13:41:15[otw_is sidebar=otw-sidebar-2][otw_is sidebar=otw-sidebar-7][otw_is sidebar=otw-sidebar-3][otw_is sidebar=otw-sidebar-5]