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Resource ID: #17538
Subject: Fraud
Source: WKRC-TV
Affiliation: 
Date: June 15, 2000

$0.00

Description

WKRC-TV finds that "members of the patriot movement appear to be funding their cause by setting themselves up as a 'bank.' The fraudulent 'bank' is willing to help homeowners faced with foreclosure by legitimate banks. The militia members scan local newspapers for word of foreclosure on properties. They then contact the embattled homeowner, offering to buy their mortgage from the bank and prevent the foreclosure. In exchange the homeowner agrees to a 'lend lease' agreement with the militia bank, which is usually an operation called Soverign Accounting Agency."

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