Apparently not every home is having trouble selling at top dollar in an otherwise soft real estate market.
Two brothers have been charged with mortgage fraud in connection with their $2.2 million purchase of the Narragansett home of one-time reputed Patriarca associate Frederick Carrozza Sr. as reported by Jim Taricani for WJAR:
Police allege in 2006, Carrozza sold the home to Dr. Timothy O'Brien and his brother, Eugene O'Brien, for $2.4 million. The home was valued at about $900,000. The alleged scheme involved Dr. Timothy O'Brien lying on a mortgage application and getting a $2.2 million mortgage for the purchase of the Ocean Road home and the sale proceeds going to Carrozza.
Investigators "began looking into the sale of the home after the lender foreclosed last year, state police Lieutenant Michael Winquist said" as reported by Laura Crimaldi for The Boston Globe. Carrozza, who once "ran a business from the same Providence office as the late reputed mob boss Raymond L.S. Patriarca," has not been charged.
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