• Real Estate Broker Gets Prison for $3.5 Million ‘Shotgun' Loan Scheme

    5 days ago - By Fortune

    A New York real estate broker who pleaded guilty in a loan scheme that defrauded banks of $3.5 million will be heading to prison.
    Michael Arroyo, 60, was sentenced Thursday to 21 months in prison and five years of supervised release for conspiracy to commit bank fraud by "shotgunning," or submitting several loan applications to different banks at the same time in order to fraudulently acquire multiple home equity lines of credit.
    Arroyo and co-conspirator Rafael Popoteur, 67, of New Jersey obtained loans of more than $500,000 on residential properties in New York and New Jersey from...
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