Businessman Pleads Guilty to $50 Million Mortgage Fraud Scheme

A real estate investor and ringleader of an operation responsible for nearly $50 million of mortgage fraud pleaded guilty on June 20 in a federal court, the Justice Department announced.

Brett Matheson, 46, president and CEO of Maricopa Property Investment Solutions Inc. of Phoenix, Ariz., admitted recruiting "straw buyers" during real estate seminars to submit false mortgage applications as part of a conspiracy to commit wire fraud.