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Bank Fraud Defendants Sentenced to 60 and 70 Months Defendants Fraudulently Obtained $19.67 Million from Washington Mutual
U.S. Attorney’s Office August 30, 2012
Northern District of California(415) 436-7200
SAN FRANCISCO—Michael Ohayon and David Papera were sentenced yesterday to 60 and 70 months in prison, respectively, and ordered to pay more than $10.5 million in restitution for conspiracy to commit bank fraud and money laundering, United States Attorney Melinda Haag announced.
Ohayon pleaded guilty to conspiracy to commit bank fraud, bank fraud, and money laundering on May 24, 2010. Papera pleaded guilty to conspiracy to commit bank fraud and money laundering on April 19, 2012.
Ohayon and Papera formed a company called Sage Creek Ranch LLC for the purpose of developing multiple parcels of property in California’s Napa County.
According to the plea agreements, they admitted to obtaining millions in loans from Washington Mutual Bank by submitting fraudulent loan applications in the names of “straw buyers”—i.e., individuals with good credit scores who would each obtain a residential loan to purchase a parcel from Sage Creek Ranch LLC, but who would in reality make neither down payments nor mortgage payments on the property.
Ohayon and Papera admittedthat they knew that the straw buyers’ loan applications included materially false information about the buyers’ income.
They further admitted that they used more than $1.25 million of the loan proceeds to pay down one of Papera’s loans on a separately owned property.
Ohayon, 44,of San Francisco, and Papera, 50, of San Rafael, California, were indicted by a federal grand jury on February 11, 2010. They were charged with conspiracy to commit bank fraud, bank fraud, and money laundering.
In addition to Ohayon and Papera, six of the straw buyers were charged with and pleaded guilty to tax felonies for failure to report as income approximately $50,000 they each received from Ohayon and Papera for allowing their names and credit to be used in the bank fraud scheme.
The sentence was handed down by U.S. District Court Judge Charles R. Breyer following Ohayon’s guilty plea to conspiracy to commit bank fraud, in violation of 18 U.S.C. § 1349; bank fraud, in violation of § 1344; and money laundering, in violation of 18 U.S.C. § 1957; and Papera’s guilty plea to conspiracy to commit bank fraud, in violation of 18 U.S.C. § 1349; and money laundering, in violation of 18 U.S.C. § 1957. Judge Breyer also sentenced the Defendants to a five-year period of supervised release and ordered them to make restitution to Chase Home Finance (Washington Mutual’s successor) in the amount of $10,586,079.73. Ohayon is scheduled to begin serving his sentence on January 4, 2013. Papera is scheduled to begin serving his sentence on November 2, 2012.
Tracie L. Brown and Denise M. Barton are the Assistant U.S. Attorneys who prosecuted the case with the assistance of Rayneisha Booth, Elizabeth Garcia, and Maryam Beros. The prosecution is the result of a lengthy investigation by Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation.
The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time.
Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.