There is just so much fraud revealed in this story yet not one word of anyone receiving even a token slap on the wrist.
People get executed in other countries for less. I would also like to know, if you don’t want or need a loan, why have a mortgage on a house? I thought that mortgaging your house was a way to set your house up to be used as collatoral; if you don’t need a loan, why have a mortgage as well as a house payment? I always wondered about that.
the problem is that it is technically not fraud, but financial sleight-of-hand.