CY VANCE STATEMENT ON NEW MORTGAGE FRAUD INDICTMENTS

"Earlier today, Manhattan DA Robert Morgenthau announced the indictment of 13 people and one company in a $100 million fraud and conspiracy case. These are crimes that hit both Main Street and Wall Street, and nowhere else in the country are the fortunes of those two areas so closely joined. The 10-month investigation revealed a sweeping 4-year scheme to steal millions from Manhattan banks and take advantage of distressed home owners through fraudulent mortgages. These alleged crimes are despicable and should be prosecuted to the fullest extent of the law. This is an important white-collar crime case and a major prosecution. The Manhattan DA’s office has always been a national leader in major fraud cases. The next District Attorney must be experienced in and committed to building and prosecuting these complex cases. As DA I will continue the work of this fine team and ensure that additional resources and attention are paid to its important mission.”