More arrests as FBI closes in on sub-prime financial advisers

More arrests could be made this week in the FBI crackdown following the fallout from the US sub-prime mortgage crisis.

21st June, 2008

More arrests could be made this week in the FBI crackdown following the fallout from the US sub-prime mortgage crisis.

Last week, the FBI arrested more than 400 property industry workers, including estate agents and loan originators, who helped people take out mortgages.

Two former Bear Stearns managers, Ralph Cioffi, 52, and Matthew Tannin, 46, were the first to be charged last week as a result of last year’s mortgage market breakdown.

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