Several Rhode Island Residents were charged with mortgage fraud recently, as reported by the Providence Journal. The defendants provided false information in order to secure mortgages.
This case is regarded as an organized crime, given that more than one person conspired to the crime, which resulted in the purchase of numerous properties.
Penalties for Mortgage Fraud in Rhode Island
Under Rhode Island Title Code 11-18-34, anyone who commits residential mortgage fraud, or essentially uses untrue statements to secure a credit or loan for a mortgage may face felony charges:
- Up to 20 Years in the State Prison
- Up to $100,000 in fines
- Victim restitution
The General Assembly recently updated this code in January 2012, under fraud and false dealings.
Are you facing a charges for fraud? If so, contact the RI criminal defense attorneys at 401-272-4001. There are several types of fraud that are extensively covered in Rhode Island laws. A lot’s at stake for any fraudulent crime including:
- Very high fines, as demonstrated above. The number of fines however vary based on the classified fraud
- Some fraud cases including identity theft is regarded as a federal crime
- Most offenders are unable to secure employment upon release from prison
- Fraud offenders lose out on civil rights, including the right to bear arms
- Offenders wear a white collar criminal label, much like how a sex offender is branded for life
With the above factors considered, it’s imperative to contact an attorney should you or someone you know become accused of these crimes; including bank and loan fraud, wire and mail fraud, forgery and more. A criminal defense attorney can present the best arguments to prove innocence – or more than what meets the prosecution’s eyes.
Source: Providence Journal News
