New York City Lawyer Charged With Multi-Million Dollar Mortgage Fraud

The Manhattan U.S. Attorney and the FBI arrested Louis Cherico today, a New York City lawyer charged with six counts of mortgage fraud, money laundering, and obstruction of justice.

Cherico allegedly ran a scheme for six months in 2002 in which he bought multimillion dollar properties in Westchester County with money from loans he obtained with fraudulent documents and then hid the proceeds from the sale of the properties.

The 69-year-old is looking at a maximum sentence of 215 years in prison and more than $1 million in fines.

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