Thomas Ryder, 30, Hopkinton, New Hampshire, and Paul Ryder, 28, Hudson, New Hampshire, have been charged by a grand jury for the District of New Hampshire with four counts of wire fraud and one count of mail fraud relating to a scheme to defraud lenders through the acquisition of real estate through straw purchasers using false and fictitious information.

Thomas and Paul Ryder, and others, submitted loan applications that included false statements, including but not limited to, statements as to the actual purchase price, the income, assets and employment of the purported purchasers, and the intent of the purported purchasers to reside at the residences. The indictment further alleges that the defendants and others then skimmed the difference between the real sales price of the property and the sales price submitted to the lender, for which the lender provided funds, and then divided the proceeds. The brothers were mortgage brokers who operated under the name of M&M Mortgage Consulting located in Salem, NH.

A trial is scheduled for March 3, 2009 in the United States District Court. The Federal Bureau of Investigation and the United States Postal Inspection Service conducted the investigation under the auspices of the New Hampshire Mortgage Fraud Task Force.

The New Hampshire Mortgage Fraud Task Force was begun by U.S. Attorney Colantuono in May, 2008 to combat growing instances of fraudulent activity in the mortgage markets. Member agencies include the FBI, Postal Inspection Service, HUD-OIG, Secret Service, IRS-CID, and the N.H. Department of Justice.

An indictment is the way a formal charge is brought against a defendant. All defendants are presumed innocent of any charge brought in an indictment until guilt is proven beyond a reasonable doubt.