Ten arrested in $8 million Florida mortgage fraud operation

The Florida Department of Law Enforcement last week arrested 10 members of a criminal mortgage fraud and identity theft ring charged with swindling banks out of more than $8 million.

The department had been investigating the operation for the past four years. The scheme involved recruiting "straw buyers," people who were provided with fake Florida and New Jersey driver's licenses and other personal identification information. With those identities, the participants could obtain credit and buy property. But rather than take on the debt, the properties were resold or "flipped" numerous times.