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October 2011 Archives

LLC offering to pay off mortgages allegedly committed fraud

A Maryland-based limited liability company (LLC) that offered mortgage holders a "dream come true" has allegedly committed business fraud. According to prosecutors, the business allegedly lied to investors and went on apparent spending sprees to give the illusion of profitability. The mortgage company offered to pay off mortgages of customers in exchange for an up-front payment of at least $50,000, as well as an administrative fee that normally amounted to as much as $5,000. These investors were promised the company would pay their mortgages within seven years.

Maryland businessman facing federal fraud charges

The U.S. government is interested in developing renewable energy sources and lately, it has been putting its money where its mouth is by offering businesses financial incentives to explore this burgeoning field. Many companies are seeking to take advantage of these incentives in the hope of creating lucrative business endeavors. Unfortunately, one Maryland businessman may have abused this incentive scheme.

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