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Million-dollar mortgage fraud scheme catches up to California man

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An ill-gotten life of luxury will come to an end for one California man, who was sentenced to more than four years in federal prison for operating a multi-million-dollar mortgage fraud scheme that bilked the federal bank bailout program. The scheme run by Steven Pitchersky, 65, of Rancho Mirage, Calif., cost GMAC -- now known as Ally Financial -- $5.3 million, according to a report released...

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