Second Person Indicted For Bank Fraud In Case Involving St. Cloud Real Estate

Saint Cloud, MN, USA / KNSI

Oct 11, 2024 | 11:48 AM

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(KNSI) – A second person has been indicted in a sprawling real estate fraud scheme that included some locations in Stearns County.

According to court documents, Karl Reid Selle of Bowie, Maryland, conspired with Matthew Onofrio to defraud banks and credit unions in Minnesota through a business called Northwoods Management, LLC. The company wired money to investors to inflate their assets and then listed them as guarantors on the loan applications. They were also accused of tampering with purchase agreements to artificially boost appraisal values. Some of the properties included in the scheme were located in St. Cloud and Sauk Centre.

Onofrio pleaded guilty in 2023 in federal court for his role in the $35.7 million scheme. The 38-year-old Selle is also charged with a count of conspiracy to commit bank fraud.

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