- Associated Press - Wednesday, May 7, 2014

CENTRAL ISLIP, N.Y. (AP) - The head of a mortgage bank and five other people are accused in a massive $30 million scheme that targeted Long Island real estate.

Aaron Wider of HTFC Corp. in Garden City, Long Island, and the others were arrested by the FBI on Monday.

Newsday (https://nwsdy.li/1ni74p4 ) says the fifth suspect has agreed to surrender on Wednesday.

They all face charges of conspiracy to commit bank fraud involving mortgages.

Eastern District U.S. Attorney Loretta Lynch says the defendants “cooked up a sophisticated scheme that defrauded lenders and then fed toxic debt to the investing public.”

All the homes ended up in foreclosure. The scheme operated between 2003 and 2008.

Wider pleaded not guilty at his arraignment Tuesday. His attorney declined to comment.

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Information from: Newsday, https://www.newsday.com

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