FBI raids Volusia County advertising company in mortgage fraud case

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VOLUSIA COUNTY, Fla. - WFTV was there when FBI agents raided a Volusia County advertising company early Thursday morning.

According to the FBI, Waverly Group, LLC on Dairy Circle in Port Orange is tied to an alleged $50 million mortgage fraud investigation.

Agents said the fraud may date back five or six years.

Channel 9's Blaine Tolison was there as the FBI's Department of Financial Services and local police carried out boxes of evidence they said is linked to the fraud scheme.

Agents removed records and computers from Waverly, which is a local advertising company that places ads on local bus stop benches.

Although agents wouldn't release details on the investigation tied to the raid, officials said, companies involved in mortgage fraud often use false documents to qualify certain buyers for home loans they would not otherwise qualify for.

In the process, home prices are often inflated, which ultimately hurts neighborhood home values, authorities said.

In Waverly's case, sources told Channel 9 the alleged fraud did involve multimillion-dollar oceanfront homes in Volusia County.

Officials said the case could involve other businesses and people as well, but no details have been released.

Investigators said they anticipate that arrests will be made, but so far no one has been taken into custody.