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Old 07-16-2007, 08:14 AM
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Bank Accused of Flipping Scam
Coast Bank is facing a lawsuit filed by 175 borrowers. The Florida bank is accused of operating a flipping scam. The plaintiffs claim the former head of the bank's residential loan department devised a scheme where individual investors were solicited to purchase residential lot packages in Florida with the promise of no money down "with the intent that the completed packages would be sold at a substantial profit."

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Old 07-16-2007, 09:58 AM
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This is so horrifying. I was just watching a tale about a Mortgage Fraudulant in MSNBC. It's so sad to hear these con-artists exist in our industry.

Mortgage scammer Matthew Bevan Cox is arrested - Nov. 16, 2006
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