Con Man Pleads guilty in $10 Million Real Estate Scheme - NBC 7 San Diego

Con Man Pleads guilty in $10 Million Real Estate Scheme

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    Con Man Pleads guilty in $10 Million Real Estate Scheme
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    File Photo: A "sold" sign stands outside a home in Pasadena, California. (Photo by David McNew/Getty Images)

    Authorities say a con man who took part in a $10 million real estate scheme has pleaded guilty to mail fraud in Los Angeles.

    Seventy-year-old Michael Henschel entered the plea Monday. He's facing up to 20 years in prison.

    He's the seventh person to plead guilty in connection with a scheme that prosecutors say brought them more than $17 million in profits but cost many people their homes.

    Authorities say Henschel and the others ran businesses out of Van Nuys that used fraudulent deeds to steal properties from financially distressed homeowners. The owners were told that the deeds they signed would protect them from creditors.

    Instead, authorities say the crooks stole the properties, took out second mortgages, collected rent from tenants or charged homeowners illegal fees to delay foreclosures.