By Shayna Jacobs
DNAinfo Reporter/Producer
MANHATTAN SUPREME COURT — Four individuals who were part of "one of the larges and most complex" mortgage fraud cases in the country were convicted on various charges related to a massive real estate scheme, the Manhattan DA said Friday.
The four guilty defendants used a Long Island-based mortgage company to convince banks to front them massive loans so they could purchase distressed properties, but instead they pocketed most of the money, according to prosecutors.
Aaron Hand, 38, Eric Shields, 45, Kenneth Law, 54 and Jerry Strklja, 35, were convicted on Friday after a month-long trial.
They were charged with stealing $100 million from banks and for defrauding home sellers, including some in Manhattan, prosecutors said.
"These defendants built a corrupt enterprise — complete with corrupt lawyers, bankers, appraisers, straw buyers and others — to control every aspect of the residential lending process," District Attorney Cy Vance Jr. said in a statement.
They all face up to 50 years in prison when they're sentenced in September.
Ten others who were indicted as part of the fraud pleaded guilty earlier this month.
