I-Team: Mob associate among 6 accused of mortgage fraud

Rhode Island State Police busted a longtime associate of the Patriarca crime family for mortgage fraud.

Frederick Carrozza, of Narragansett, and five others allegedly obtained about $4 million in mortgage financing in a complex fraud scheme.

The NBC 10 I-Team reported that a house owned by Carrozza was sold in 2006 for about $3 million. It was worth about $600,000 at the time.

The six people arrested allegedly conspired with Carrozza to get fraudulent mortgage financing and pocketed more than $2 million dollars in cash.

Carrozza was arraigned and released on $10,000 personal recognizance.