Aaron Hand, Kenneth Law and Jerry Strklia, three main conspirators of a $100 million mortgage fraud in New York City, were found guilty of multiple felonies such as Enterprise Corruption, Scheme to Defraud, Conspiracy, and Grand Larceny by the jury.
Hand, Law and Strklia allegedly operated a corrupt loan origination company called AFG Financial Group. Inc. which included 27 professional co-conspirators and straw buyers. Banks and lenders such as Wells Fargo and Countrywide Financial were allegedly defrauded millions of dollars by granting inflated mortgages to unknown straw buyers purchasing distressed residential properties in New York City. After the money is received from the bank, the straw buyers would leave behind the overvalued property and fictitious mortgage papers.
Following their guilty convictions, Hand, Law and Strklia, face up to 25 years in prison.
