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Wesley A. Snyder et al., Ponzi Mortgage Scheme

Mortgage broker Wesley A. Snyder, his wife and seven other accountants and mortgage consultants are facing a lawsuit filed by Pennsylvania Attorney General Tom Corbett. The consumer protection suit claims a Ponzi scheme was perpetrated by the accused who allegedly misrepresented financial products to borrowers who wanted to refinance their homes, and encouraging them to borrow more than they needed.

However, the money from the new loans was used to pay off older accounts, and to conceal company losses, leaving consumers stuck with loans set at higher interest rates than they were lead to believe. Borrowers owed $36 million more to the lenders than Snyder's accounts indicated.

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Last updated on May-24-08