Five individuals have been charged in a multi-million dollar mortgage and apartment fraud scheme, federal prosecutors announced.

The defendants allegedly used false identities, fabricated income documentation, and straw buyers to obtain mortgages for properties they had no intention of honestly financing. The scheme also involved fraudulent rental applications for luxury apartments.

Prosecutors say the defendants created a network of shell companies and fake employment records to deceive lenders and property managers. Losses to financial institutions are estimated in the millions.

Each defendant faces charges of wire fraud, bank fraud, and conspiracy, with potential prison sentences of up to 30 years per count.

Credit: IRS Criminal Investigation