2 Plead Guilty In Mortgage Fraud Ring

By: Associated Press | NBC4i.com
Published: March 04, 2009

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DELAWARE, Ohio -- A Columbus-area woman has been sentenced to four years in prison for her role in what authorities say was a multimillion-dollar mortgage fraud ring.

Delaware County Prosecutor Dave Yost says 41-year-old Gihan "Gigi" Zalat of Powell pleaded guilty Tuesday to eight felonies, including money laundering.

On Monday, 46-year-old Scott McCann of nearby Upper Arlington pleaded guilty to matching charges. He will be sentenced later.

Prosecutors say they helped run a scam in which appraisers cheated banks by overestimating the values of central Ohio homes.

Police are looking for six others indicted on related charges.

A message seeking comment was left after business hours Tuesday for an attorney representing Zalat. Authorities have said Zalat is an Egyptian citizen and could be deported.