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Gilbert man indicted in loan fraud scheme

Gilbert man indicted in loan fraud scheme
Posted at 1:32 PM, Aug 27, 2018
and last updated 2018-08-27 16:32:32-04

State prosecutors say a Gilbert man has been indicted in a multimillion-dollar loan fraud scheme.

They say Jon Richard Rattray was indicted by a state grand jury on felony counts of fraudulent schemes and artifices, money laundering, controlling an illegal enterprise, computer tampering, aggravated identity theft and forgery.
Rattray operates a company called Hawkeye Real Estate Services.
Prosecutors allege Rattray filed a series of forged lien release documents at the Office of the Maricopa County Recorder.
Rattray allegedly did that to free up equity in homes he owned so that he could take out new loans on those same properties or sell them to purchasers as unencumbered property.
The alleged loss to victims is estimated at more than $6 million.
It was unclear Monday if Rattray has a lawyer yet.