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FOUR SWINDLERS INVOLVED IN MORTGAGE FRAUD SCHEME SENTENCED
Four Individuals Involved in Mortgage Fraud Scheme are Sentenced   David B. Fein, United States Attorney for the District of Connecticut, today announced that four individuals involved in an extensive mortgage fraud scheme were sentenced on Friday, August 24, by Chief United States District Judge Alvin W. Thompson in Hartford.
According to court documents and statements made in court, between February 2007 and April 2010, Syed Babar of New London orchestrated a scheme to obtain millions of dollars in residential real estate loans, including loans insured by the Federal Housing Administration, through the use of sham sales contracts, false loan applications, and fraudulent property appraisals.
As a result of the approximately 30 fraudulent mortgage transactions conducted by Babar and his co-conspirators, various lenders suffered total losses of approximately $4.75 million.
Alicia Martineau, 25, of West Haven, was sentenced to six months of imprisonment, followed by three of years of supervised release. On January 31, 2011, she pleaded guilty to one count of to one count of conspiracy to commit wire fraud.
Martineau acted as a straw buyer who allowed her name and identifying information to be used to obtain mortgage loans to purchase properties at fraudulently inflated prices. Specifically, on ... more

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