Kotogianis charged in mortgage fraud

Reuters reports Nine accused of $92 million U.S. mortgage fraud scheme

The ringleader is allegedly Thomas Kontogiannis, whose name may be familiar to readers of Taling Points Memo as 'Conspirator #3' in the Duke Cunningham case. He is also apparently a part time arms dealer.

It is unclear whether this fraud is related to the Cunningham indictment or another scheme. Either way it is quite astonishing that a bank would lend $92 million for property that did not exist without apparently bothering to check.