Two charged in mortgage fraud scam due in court today

Article by: TIM HARLOW , Star Tribune
Updated: April 7, 2008 - 10:38 AM

Men face charges of theft by swindle and racketeering in connection with a home mortgage fraud scam

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A key figure implicated in a suburban mortgage fraud and property flipping scam has pled guilty to racketeering, and has agreed to work with authorities who are investigating two others involved in the scam, the Hennepin County Attorney's office said.

Celeste Skaar, of Orono, entered her plea and will forgo a jury trial, the attorney's office said.

Skaar is the owner of New Day Capital and was charged in September with conspiring with two others to defraud banks through false loan applications and for finding straw buyers for properties that were bought and resold, often the same day and for a big gain in price, a criminal complaint said.

Skaar will return to court on July 31 when a sentencing date will be scheduled.

The complaint also names Scott R. Rosenlund, president of 10Spring, Inc., a home building and development company, and Shinon Lindberg, a business associate of 10Spring. They were charged in September with racketeering and theft by swindle. Rosenlund and Lindberg are due in court at 10:30 a.m. today.

According to the Hennepin County Attorney's Office, records show that eight properties were financed by three different lenders. Records also indicate same-day sale and resales by 10Spring in Chanhassen, Victoria, Minnetonka and Chaska.