The link below is an update on the HOA elaborate fraud scheme that started in 2003 and lasted until 2009 in Vegas. I'm not real sure how the banks were defrauded. Did these "straw buyers" default on the loans? They lied to the banks maybe, but when the banks were handing out money to anyone who can sign their name on the dotted line and forging applications themselves. Plus, it's not like they banks were gonna deny the loan had these "straw buyers" told the truth anyway. Meaning the only people who were defrauded was the association.
When you've got one lawyer making 100 million dollars from HOA construction defect suits. These communities may be better off filing a civil suit against everyone of the people involved. The "straw buyers", lawyers, police, construction companies, management companies, managers, all of them. There is more than on way to skin a cat.
HOA scheme victims say plea deals ignore them - News - ReviewJournal.com
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