2 men charged with conspiring in mortgage fraud

December 19, 1996|BY A SUN STAFF WRITER

Two men were indicted by a federal grand jury in Baltimore yesterday on charges of conspiring with a white-collar criminal in a scheme to sell fraudulent mortgages to unsuspecting homebuyers.

Robert C. Brown of Bowie and Stephen R. Kersner of Potomac were charged with conspiring with Michael H. Clott, the mastermind of a home-refinancing scheme who has pleaded guilty to money-laundering and fraud charges and is awaiting sentencing.

Prosecutors say Brown worked closely with Clott in one of the schemes, which was offered through Phoenix Financial Services, and that Kersner helped Clott defraud banks and mortgage lenders.

Pub Date: 12/19/96

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