- Associated Press - Friday, September 25, 2015

PROVIDENCE, R.I. (AP) - Federal prosecutors say a Rhode Island man has pleaded guilty to conspiracy to commit bank fraud for obtaining a $157,000 federally insured mortgage loan fraudulently by using the identity of a dead person.

Authorities say 34-year-old Franchesco Franco, of Providence, a former mortgage loan originator, made false statements on a mortgage loan application and provided false documentation, including fraudulent tax returns, and pay stubs in the name of dead person to secure the loan in 2010.

Franco even provided copies of the deceased person’s Social Security card and driver’s license.

No payments were ever made on the mortgage loan by Franco or anyone else and the U.S. Department of Housing and Urban Development paid out the insurance claim to the bank.

Others face charges in connection to the scheme.



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