A federal grand jury in San Francisco has indicted Michael Ohayon and David Papera with conspiracy to commit bank fraud, and money laundering, United States Attorney Joseph P. Russoniello announced. According to the indictment, Ohayon and Papera are alleged to have recruited 13 straw buyers who used their good credit scores to obtain more than $19.6 million in fraudulent residential mortgage loans from Washington Mutual Bank, with no intention of making either downpayments or mortgage payments on the properties.Read more