A federal jury last week found three people guilty in a $78 million maryland mortgage fraud scheme.

According to court documents, 48 year-old Michael Anthony Hickson, 48 year-old Isaac Jerome Smith, and 33 year-old Alvita Karen Gunn were found guilty of fraud conspiracy, wire fraud, and conspiracy to committ money laundering. The three participated in a massive mortgage fraud scheme which promised to pay off homeowners' mortgages on their "Dream Homes."

U.S. Attorney for the District of Maryland Rod J. Rosenstein announced the convictions Thursday, and explained the mortgage scheme. "The defendants used slick marketing to conceal empty promises," Rosenstein said. "They convinced many victims to invest at least $50,000 by refinancing their existing homes or buying new homes at inflated prices, while claiming [they] would repay the mortgages with revenue from profitable businesses."

In reality, there was no revenue to pay the mortgage payments. Instead, Rosenstein said, the conspirators used some of the investors' money to "repay earlier investors in the Ponzi scheme and spent the remainder on themselves."

If you need assistance with refinancing or loan modification, contact a experienced and trustworthy Maryland Mortgage Modification Attorney of Chaifetz & Coyle, P.C., by calling 443-546-4608.