Real Estate Investor Arrested for Alleged Fraud Scheme

A Warrington real estate investor was recently arrested for his alleged connection with a mortgage fraud scheme.

According to The Intelligencer, the United States Attorney’s Office announced the arrest of Dean Rossi on April 1 for allegedly committing conspiracy, bank fraud and mail fraud affecting a financial institution.

The report said Rossi is alleged to have taken $643,000 from bank loans acquired to purchase or lease residential properties. Rossi was supposed to use the money from the settlements to pay off outstanding balances and taxes on properties.

Otis M. Johnson, who owns Mabstract, a title insurance company in Bensalem, and Francis P. Dow Jr., who owns title insurance company Land Transfer in North Wales, are also alleged to be participants in the scheme. The two business owners face fraud charges.