By: AP
By: AP

ATHENS, Georgia An Athens-Clarke County grand jury has
returned a three-count racketeering indictment against three men who authorities say were involved in an elaborate mortgage fraud

The Attorney General's office said Wednesday that Brian C. Dupree, Marc Canty and Rashid Wilson are charged with conspiring to commit theft by fraudulently inflating real estate values in an Athens subdivision development.

Prosecutors say the three men orchestrated a scheme to artificially raise home prices in a new Athens subdivision developed by Dupree and then paid money to buyers who purchased the homes between 2003 and 2006. The other two men were charged with recruiting buyers for homes.

Authorities say 88 of the 125 homes in the subdivision had been
foreclosed and lenders lost more than $10 million by 2008.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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