More than 50 agents took part in the search at two offices of Beneficial Mortgage in San Juan's financial district, FBI spokesman Harry Rodriguez said.

The alleged US$19.3 million scheme involves at least 130 loans, according to a cease-and-desist order filed earlier this month by the Office of the Financial Institutions Commission.

The order alleges that the company administered mortgages for Puerto Rico's Cooperative Bank but did not make payments as promised, leading the bank to believe that dozens of people never paid their loans.

Such actions began in 2001 and placed clients at "imminent risk" of suffering great damage, the order states. The loans ranged from US$50,000 to more than US$500,000.

Long-term loan requested

The order says Beneficial Mortgage also asked bank officials for a long-term loan to cover US$18.7 million in missing or lost loans.

The order was filed against the company's president, treasurer and secretary. No one answered the company's phone number last Wednesday.

The FBI said that Secret Service and Internal Revenue Service agents also were involved in the raid.

- AP