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Guilty Plea In Mortgage Scam

WHITE PLAINS, N.Y. (CN) - A third man pleaded guilty to defrauding homeowners of $1.3 million and defrauding lenders of $350,000 in a mortgage scam, federal prosecutors said. Riccardo White, of Central Valley, N.Y., faces up to 20 years in prison at his April 3, 2009 sentencing.

White, aka Frank White aka Marc Allen, joins Lawrence Burke and Zachary Cutler, who have pleaded guilty in the scam. The ring offered homeowners low interest rates on refinancings, but could not deliver, defrauding the homeowners of $1.3 million. And they defrauded mortgage brokers of $350,000 by selling them tips about people who supposedly needed the brokers' services, but actually did not, prosecutors said.

All three men await sentencing. Their alleged associate Gregory Cooper awaits trial.

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