From the Daily News:
House flipping scammers continue swindling New York homebuyers
In April, FBI agents broke up a $4 million house-flipping ring in Queens made up of Bangladeshi immigrants.
Conspirators recruited straw buyers to buy properties in Jamaica and Richmond Hill using false identities.
The buyers applied for credit cards to improve their credit ratings, then filled out loan applications with fraudulent employment and income information.
The ring bought and sold homes among themselves to pump up appraised values. One two-family residence on 84th Ave. in Jamaica changed hands four times in two years, rising from $395,000 to $745,000 before ending up in foreclosure.