Mortgage Scam Ringleaders Gambled Away Loot, Feds Say

102008acnight.jpgA source tells the Post that two con men who ran a mortgage scam bilking millions out of now-failed lenders like Countrywide and Washington Mutual blew obscene amounts of money on extravagant gambling trips to Atlantic City. Garri Zhigun and Aleksander Lipkin pleaded guilty earlier this month to running a 27-member gang that borrowed money to buy properties, then faked sales at inflated prices to borrow even more before defaulting on the loans. The two swindlers—who were backed by the Russian mob—made dozens of trips to Atlantic City between '05 and '06, where they were high rollers awarded with free hotel rooms and show tickets. And all this took place while Zhigun was on parole after serving two years in prison for his participation in an insurance scam involving staged car accidents.

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Comments (5) [rss]

Whenever I see a story like this, I just say to myself, "Don't let it be Jews that did it".

seems like everyone got rich off this mortgage scams. I remember asking an I-banker why he wasn't in banking anymore, he told me he's a mortgage broker now and making much more money.

Sometimes you do wonder how people are able to live the celebrity lifestyle - scamming.

What chumps: they were just a securities dealer license away from a multibillion dollar bailout.

i remember turning up my nose to mortgage brokers years ago.
someone really should of picked up what is well practiced.
especially in brooklyn. and the funnier part is its not over yet.

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