The King of Home Equity Fraud

Tobechi Onwuhara specialized in hitting home equity lines of credit (HELOCs), the reservoirs of cash that banks make available to homeowners. Once Onwuhara gained access to a HELOC, he could siphon out vast sums in seconds. His weapon was persuasion. It got him enough money to start building a colonnaded fortress in Nigeria; enough to gamble at the high-stakes tables in Vegas casinos all night. Even his accomplices appear not to have known how much he was really pulling down — not even his beautiful fiancĂ©e, Precious Matthews.

Source: Fortune
Published: Jan 25, 2011
Length: 15 minutes (3,935 words)
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