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Mortgage Fraud Scheme Caused More Than $150 Million in Bank Losses
Federal Grand Jury in Oakland Indicts President of Discovery Sales Inc.
Ayman Shahid Charged in Mortgage Fraud Scheme That Caused More Than $150 Million in Bank Losses WASHINGTON—An indictment by a federal grand jury unsealed today in Oakland, California, charges Ayman Shahid with conspiracy to commit bank fraud and 17 individual counts of bank fraud, announced United States Attorney Melinda Haag and Special Agent in Charge David Johnson of the FBI’s San Francisco Field Office.
According to the indictment, Shahid, 38, of Danville, California, is alleged to have masterminded a scheme to cause banks to approve mortgage loans for unqualified buyers at the height of the financial crisis. Shahid managed Discovery Sales Inc., which was the sales arm of affiliated residential construction companies, including Discovery Home Builders and Albert D. Seeno Construction Co. Shahid devised and managed a scheme to provide undisclosed incentives to unqualified home buyers, which allowed Discovery to continue selling houses during the financial crisis. Shahid intentionally hid the scheme from appraisers and bank underwriters so that loans to unqualified buyers would be approved.
The aggregate sales price of the homes affected by the scheme was almost $230 million and loans having a value of $150 million went ... more

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