Minneapolis Real Estate Investor Arrested in Multi-Million Dollar Fraud Scheme
Lee Yan, 43, faces multiple felony charges after allegedly orchestrating a complex scheme to defraud lenders and falsify property values across the Twin Cities.
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Minneapolis, MN — Lee Yan, a 43-year-old real estate investor from Minneapolis, was arrested Monday evening and indicted on multiple felony charges related to an alleged multi-property real estate fraud scheme. The arrest, which took place at approximately 5:03 PM at a property in the Seward neighborhood, culminated a months-long investigation spanning several Minnesota counties.
Yan is accused of masterminding a sophisticated scheme to defraud lenders by inflating property values and forging bank documents to secure favorable loans. The indictment includes seven counts of wire fraud, three counts of forgery, and two counts of falsifying public documents.
According to the indictment, the alleged scheme involved the use of shell companies, falsified appraisals, and misrepresented financial statements across more than a dozen real estate closings. Investigators believe Yan profited significantly from the fraudulent transactions, leaving lenders and title companies with substantial losses.
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