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TWO FORMER BROOKLINE RESIDENTS PLEAD GUILTY TO LAND FLIP CHARGES

 TWO FORMER BROOKLINE RESIDENTS PLEAD GUILTY TO LAND FLIP CHARGES
 BOSTON, May 15 /PRNewswire -- Two former Brookline residents pleaded guilty today in connection with their participation in a land flip scheme in the Boston area.
 U.S. Attorney A. John Pappalardo announced that Wayne Weisler and Susan Taylor, formerly of 1799 Beacon St. in Brookline, Mass., and now residents of New Orleans, La., pleaded guilty to a one-count information charging them with conspiracy to commit wire fraud. The federal wire fraud statute makes it a crime to undertake a scheme to defraud, and in so doing to use interstate wire communications, including telephones and facsimile machines.
 An Assistant U.S. Attorney told U.S. District Court Judge Edward F. Harrington that during the period September 1988 to September 1991, Weisler and Taylor undertook a scheme to "flip" 41 properties in eastern Massachusetts, primarily in Brighton and Allston. A land flip occurs when a property is bought and sold several times in quick succession. After the stated value of the property has been fraudulently inflated, the co-conspirators obtain a mortgage in excess of the amount a mortgage lender would be willing to advance to buy the property.
 The prosecutor stated that Weisler and Taylor, along with Uzi Katz, formed an entity known as Dolphinvest. Weisler and Taylor, along with Katz, would locate properties for sale, and then would recruit the various buyers and sellers necessary to flip the property. Dolphinvest was often one of the parties used as a buyer or seller in the scheme. In connection with the flip sales a fraudulent mortgage application would be prepared for the ultimate buyer of the property. The prosecutor told the court that a lender would rely on the fraudulent application in advancing money to fund the purchase of the flipped property. In total, 11 different lenders were induced to finance the 41 flips arranged by Weisler and Taylor. The total of the mortgages granted exceeded $4.9 million.
 Judge Harrington set sentencing for Sept. 18, 1992.
 Pappalardo said that his office will continue to prosecute aggressively those involved in mortgage financing fraud. Pappalardo noted that the investigation in the land flip cases is continuing.
 This case was investigated by Special Agents of the Boston office of the Federal Bureau of Investigation and of the Office of the Inspector General of the Resolution Trust Corporation. The case is being prosecuted by Assistant U.S. Attorney Lon F. Povich of the U.S. Attorney Office's Economic Crimes Division.
 -0- 5/15/92
 /CONTACT: Press Officer, U.S. Attorney's Office, 617-223-9445/ CO: ST: Massachusetts IN: SU:


SH -- NE007 -- 0893 05/15/92 15:52 EDT
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Publication:PR Newswire
Date:May 15, 1992
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