MINNEAPOLIS (WCCO) – An Inver Grove Heights man was indicted Wednesday for soliciting buyers to purchase properties at inflated prices in a multi-million dollar mortgage fraud scheme.
Christopher Jon Andrews, 53, was charged with one count of conspiracy to commit wire fraud, four counts of mortgage fraud through interstate wire, and three counts of mortgage fraud through mail.
The indictment alleges that from 2005 through 2008, Andrews conspired with Daniel Boler, Susanne Mathis and Lindsay Loyear to defraud mortgage lenders of money by giving false information in order to get loans.
Andrews would recruit “straw buyers” to purchase homes at inflated prices, then using extra loan money for personal use. Andrews and his close relatives purchased more than 30 properties during the course of the scheme, with him allegedly receiving millions in loan proceeds.
Most of the residences bought through the scheme have since been foreclosed, with the victim lenders losing substantial amounts of money.
If convicted, Andrews faces a possible maximum penalty of 20 years in prison on each count.
The case is the result of an investigation by the US Postal Inspection Service and the Federal Bureau of Investigation, and will be prosecuted by Assistant U.S. Attorney Tracy L. Perzel.