FBI raids Islip mortgage business in fraud probe

? The FBI says it raided an Islip mortgage brokerage Thursday morning and arrested more than a dozen as part of a fraud investigation. A team of agents from the FBI, secret service, and the U.S. Postal

News 12 Staff

May 29, 2009, 1:29 AM

Updated 5,531 days ago

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? The FBI says it raided an Islip mortgage brokerage Thursday morning and arrested more than a dozen as part of a fraud investigation.
A team of agents from the FBI, secret service, and the U.S. Postal Service descended on Bridgewater Funding and spent a good part of the day removing boxes of documents. According to federal investigators, Bridgewater Funding promised to help people who were in danger of foreclosure, but conned them into turning over the deeds to their homes. Authorities say the company targeted people who owned homes costing up to $500,000.
According to federal prosecutors, the raid was the culmination of a two-year investigation into a $10 million sub-prime mortgage scam at the firm. Thirteen people have been arrested in total, 10 of them Thursday morning. They are being charged with mortgage, bank and wire fraud and could each face up to 30 years in prison and a $1 million fine.


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