WKYC

CLEVELAND -- Cuyahoga County Prosecutor Bill Mason announced Monday that 8 of 10 defendants pled guilty in the first case brought to trial by the Cuyahoga County Mortgage Fraud-Predatory Lending Task Force.

According to the Mason's office, on July 31, 2007, seven individuals and three corporations were indicted on racketeering and theft-related charges for fraudulently obtaining $560,000 in financing to purchase 7 Cleveland properties priced at $594,000. Five of the 7 properties are either in foreclosure or have been sold through the foreclosure process.

"These thieves, lying and deceiving to make a quick buck, are leaving entire neighborhoods blighted and abandoned. Communities are being robbed of tax revenue used for schools, roads, and police," said Prosecutor Bill Mason. "They deserve to go to jail."

The remaining two defendants are scheduled to go on trial later this month.