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Lofts were reportedly sold to unqualified buyers

A federal grand jury has returned an indictment against two local men, alleging mortgage fraud exceeding $2.5 million in connection with the sale of units in the Sexton Lofts condominium building in downtown Minneapolis, according to the U.S. Attorney’s Office.

Gerald James Greenfield of Bloomington was charged with one count of conspiracy to commit mortgage fraud through the use of wires, four counts of mortgage fraud by means of interstate wire, one count of conspiracy to commit concealment money laundering, and one count of engaging in a monetary transaction with criminally derived property.