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(CN) - The Federal Deposit Insurance Corp. has set its sights on four co-conspirators alleged to have played a relatively small role in the $92 million mortgage fraud that took out Washington Mutual Bank, filing a federal complaint that seeks to recover $1.2 million.
New FDIC Suit Looks for a Piece of the $92M Mortgage Fraud Pie
Seeded on Tue Sep 27, 2011 12:11 PM EDT
Article Source: Courthouse News Service - By Julia Filip- Enjoy this article? Help vote it up the 'Vine.
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The FDIC, which took over Washington Mutual after its collapse in September 2008, says the defendants conspired with other entities that made mortgage payments to WaMu to create the illusion of legitimate mortgage loans and conceal the fraud.
Doumazios' $1.2 million scam represents a fraction of the massive $92 million fraud engineered by Long Island real estate developer Thomas Kontogiannis.
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