Former Beverly Hills real estate agent Kyle Grasso is facing sentencing as we speak for a massive fraud scheme involving numerous homes in places like Beverly Hills and Bel-Air in the early 2000s. The Daily News reports that the 38-year-old Grasso was one of many agents bilking the system by sending "false documentation, including bogus purchase contracts and appraisals, to bank personnel to deceive them into unwittingly funding mortgage loans hundreds of thousands of dollars higher than the homes actually cost... Grasso and others profited by collecting hundreds of thousands of dollars in commissions and concealed payments." [Daily News]
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