A Fridley man pleaded guilty Tuesday to purchasing Twin Cities properties at inflated prices in exchange for hundreds of thousands of dollars from the sellers, getting straw buyers to do the same thing, then lying on loan applications and defaulting on the properties’ mortgage payments. Taleb Mahamed Wazwaz, 49, pleaded guilty in federal court in Minneapolis to conspiracy to commit mortgage fraud through the use of interstate wires. According to the US attorney’s office, Wazwaz’s business, Iman Sun Properties, collected $784,585 from sellers who paid him the difference between their asking price and an inflated price Wazwaz came up with.
