Article discussing trial of Craig Adams, a Sarasota realtor who is accused of an extensive flipping scheme securing $200,000,000.00 in fraudulent loans. Craig Adams co-conspirators included many local bankers, lawyers, title agents, and real estate professionals. The scheme was to obtain fraudulent loans to purchase homes, never pay the mortgage, and ultimately walk away with the loan money. The conspiracy extended to the lawyers working with Adams preparing and filing two sets of loan documents one real and one fake. The falsified documents were used to obtain the fraudulent loans.
Actions like these by professionals the average homebuyer relies on when purchasing a home are one of the real causes of the current financial crisis that has victimized the average homeowner.
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