Wayzata Man Pleads Guilty to Mortgage Fraud & Money Laundering

Johnny Phong Nguyen has recently pleaded guilty in Minneapolis Federal Court to mortgage fraud and money laundering. Fox 9 is reporthing he was a loan officer who falsified applications, made balloon payments necessary with disclosing the fact, and took $500,000 in a baker’s dozen worth of transactions that totaled $14 million in loans.

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