“…Shinon Lindberg would allegedly recruit “straw buyers” for pieces of real estate. They had a third accomplice, a mortgage broker who would secure fraudulent loans, and then Scott Rosenlund would use his company 10Spring Homes to buy and sell the properties at inflated prices…”
http://www.myfoxtwincities.com/myfox/pages/News/Detail?contentId=8104640&version=2&locale=EN-US&layoutCode=TSTY&pageId=3.2.1
Two men were found guilty Thursday in a big mortgage scam that’s made headlines for a year. Prosecutors say they defrauded banks and investors all over Hennepin County.
Shinon Lindberg and Scott Rosenlund allegedly masterminded the largest mortgage fraud case in Minnesota’s history. They were found guilty Thursday of racketeering and seven counts of theft by swindle.”We’re seeing too many schemes. This is one time the bad guys got caught and they’re doing time,” says Mike Freeman, Hennepin County
Attorney.
Shinon Lindberg would allegedly recruit “straw buyers” for pieces of real estate. They had a third accomplice, a mortgage broker who would secure fraudulent loans, and then Scott Rosenlund would use his company 10Spring Homes to buy and sell the properties at inflated prices.
For instance, court documents show that one parcel of land was bought and sold the same day for a $100,000 mark-up.
Deals like this were done time and time again over three years, eventually bilking banks and unwitting investors out of more than $100 million.
Freeman says the properties were scattered all over southwest Hennepin County, and investors never saw any of the money they were promised.
Rosenlund and Lindberg will be sentenced in February. They face up to 100 months in prison.
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