Seven Detroit men were charged with two different kinds of real estate fraud. First one is involved with “straw buying”. The term refers to the the act of allowing someone to use your credit to purchase a property that you don’t really intend to use. While the second was was applying for fraudulent loan applications.

Edward Tate, 27, bought high end condominiums and sold them at a lower price. While on the other hand, Richard Watts, 40, and Louis Lynch, 57, both of Detroit, and Richard Allen, 42, of Belleville were also charged with real estate fraud for posing as buyers and filled bogus loan applications. Craig Covert, 33, of Dearborn hired these individuals for Tate to pose as buyers.

The second fraud act that was committed was by