The telephone number has been disconnected, and federal prosecutors say they've closed down a $58 million mortgage fraud scheme run by a New York brokerage company.  Fourteen people are alleged to have operated this scheme through Long Island, NY-based First Class Equities. 

If convicted, all 14 defendants could face up to 30 years in prison.  All are charged with conspiracy to commit bank and wire fraud charge, while some face additional charges.

From 2004 to 2009, some of the accused allegedly would pose as fake home buyers and received more than 100 home mortgage loans valued at $58 million.  Five lawyers supposedly assisted in the scheme - one was disbarred.  All but one of the 14 are in custody and expected to be presented before a Manhattan federal court judge.  One defendant was still at large.  The arrests are part of an initiative created by President Barack Obama to combat fraud following  the financial crisis.   [Reuters, 8/4/11]