A local business owner admitted to defrauding investors of thousands of dollars through a mortgage fraud scheme ending a two-year long case.
Denise Dunlap pleaded guilty to three third-degree felony counts of money laundering and three first-degree misdemeanor counts of requiring a license.
Dunlap, 45, was charged in connection with the fraudulent activity that took place from 2005 through 2008. She was originally indicted in October 2010.
Dunlap used the assistance of unethical appraisers and real estate persons and involved 27 Marion County homes. The homes were appraised above their factual value that Dunlap later sold for more than they were worth.
The homes were financed through unsuspecting lending institutions, which provided Dunlap and her Delaware business operations with thousands of dollars. Through the use of hidden financial transactions, a large group of investors and banking institutions were defrauded by her scheme.
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