MAN CHARGED WITH ORCHESTRATING EXTENSIVE MORTGAGE FRAUD SCHEME

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Education & Training with (retired) TN LIC# 290452

Connecticut Resident Charged with Orchestrating Extensive Mortgage Fraud Scheme

U.S. Attorney’s Office January 31, 2013
  • District of Connecticut (203) 821-3700
 

NEW HAVEN, CT—Filippos “Filip” Milios, 54, of Newington, Connecticut, was arrested today on a federal criminal complaint charging him with bank fraud stemming from his alleged involvement in an extensive mortgage fraud scheme in the greater Hartford area, announced U.S Attorney for the District of Connecticut David B. Fein.

According to statements made in court, it is alleged that Milios led and organized a multi-year mortgage fraud scheme to purchase and sell houses using straw borrowers and false or fictitious loan applications, employment verifications, bank statements, and pay stubs.

Milios purchased numerous homes and then sold them at a significantly higher sales price to straw borrowers that he and his co-conspirators recruited.

In addition, it is alleged that Milios used his own funds to make the down payments on behalf of the borrowers and that he made payments outside of closing to the straw borrowers and his co-conspirators.

This alleged scheme involved more than 40 fraudulent mortgages exceeding $10 million and losses exceeding $5 million.

Following his arrest this morning, Milios appeared before U.S. Magistrate Judge Donna F. Martinez in Hartford and was released on a $100,000 bond.

U.S. Attorney Fein noted that the investigation into these alleged schemes is ongoing and asked individuals who have information that may helpful to the investigation to contact the U.S. Department of Housing and Urban Development-Office of Inspector General at (860) 240-4800.

U.S. Attorney Fein stressed that a complaint is only a charge and is not evidence of guilt. The defendant is entitled to have this matter presented to a grand jury and, in the event an indictment is returned, he is entitled to a trial at which it will be the government’s burden to prove guilt beyond a reasonable doubt.

This case is being investigated by the U.S. Department of Housing and Urban Development-Office of Inspector General, the Internal Revenue Service, the United States Postal Inspection Service, and the FBI. The case is being prosecuted by Assistant U.S. Attorney David T. Huang and Paul H. McConnell.

Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF), which was created in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices, and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,700 mortgage fraud defendants.

To report financial fraud crimes and to learn more about the President’s Financial Fraud Enforcement Task Force, please visit www.stopfraud.gov .

source: FBI
Posted by



David Saks



Time&Temp Memphis

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Ambassador
894,663
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear David -

Always amazes me that they think they are smarter than eveyone else! Did you hear about the Michigan Supreme Court Justice that LIED on Short Sale forms? In the WSJ this week. Link only lasts five days.

Have a happy day -
Lynn

Jan 31, 2013 03:19 PM #1
Rainmaker
1,570,074
David Saks
(retired) - Memphis, TN
Rainmaker
1,267,563
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

David I hope they hit him hard with all the law has! I suspect those straw borrowers names are ruined as well now. Credit wise.

Jan 31, 2013 09:44 PM #3
Rainmaker
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Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

David ... amazing story ... How can this really be happening??? boggles the mind!  Great post ... very interesting!

Jan 31, 2013 10:56 PM #4
Rainmaker
1,570,074
David Saks
(retired) - Memphis, TN

Ditto, Al, Peggy, if he's guilty. Thanks for reviewing the case.

Feb 01, 2013 04:39 AM #5
Rainmaker
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David Saks
(retired) - Memphis, TN

Sadly, real estate misrepresentation crimes for profit or housing are very common now, Lisa. Thanks for sharing your thoughts.

Feb 01, 2013 04:42 AM #6
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