Friday, March 23, 2012
Swindler's List update
Morris Olmer - former Connecticut state legislator and self described "big liberal" who was the ringleader of a mortgage fraud ring based out of New Haven. Olmer invented a complex scheme, with phoney front companies, for defrauding private lenders and the US government out of $4.75 million USD.
Olmer sought out "straw buyers" who were paid to apply for fraudulently inflated mortgages for homes they couldn’t afford. The straw buyers would accept mortgage money from the government, then purchase the home for the actual, lesser price, funnel the difference to the conspiracy, then abandon the home to foreclosure. Olmer and his co-conspirators left a trail of blighted properties throughout southern Connecticut. Sentenced to five years in a Federal slammer.