Alan Weitz of Bal Bay Properties
Florida Mortage Scam
Miami Beach, Florida
Alan Weitz and his son Brandon Weitz recruited straw buyers who were offered $3,000 each to allow their names to be used on mortgage loan applications. The homes were bought with the understanding that the properties would be quit-claimed to an actual buyer.
Their mortgage scam netted them more than $2 million in fraudulent mortgages. All the homes bought through the scam eventually went into foreclosure since buyers couldn't be found for any of them.
Hope they enjoy jail.