Frank A. Rubino, ESQ.

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Owner of jewelry store pleads guilty in mortgage fraud case

A local jewelry store owner is faced with serious penalties in a mortgage fraud case.

The 41-year-old store owner pleaded guilty in the case, which includes charges of bank fraud and federal conspiracy. A federal grand jury formally indicted the man in April, and sentencing in the case is currently scheduled for October. The man may be facing up to 30 years in prison.

According to prosecutors, the accused was complicit in fraudulently obtaining almost $20 million in mortgage loans. These were spread across a total of 36 separate properties, all in the North Virginia area.

In his guilty plea agreement, the accused openly acknowledged having conspired with loan officers as a part of the scheme. The expressed intention was to defraud a set of mortgage lenders and profit from the loans obtained.

In the process, straw buyers were recruited, with the accused falsifying information on their loan applications. He claimed that they were all employees of his jewelry business, and later verified that status though it was false. In fact, the business, located in Ashburn, did not employ any of the straw buyers.

The accused admitted having profited from the fraudulent transactions, and estimated that profit at $882,387. This was in the context of $19.9 million of loans that were fraudulently secured across all 36 Ashburn homes. The purchase of those homes occurred between 2005 and 2007.

If you ever have mortgage fraud legal troubles, finding an attorney who is experienced with mortgage fraud cases will be very important. They will offer you the legal advice and highly qualified representation you need.


Source: 
Leesburg Today, "Jewelry Store Owner Pleads Guilty In Mortgage Fraud Scheme" No author given, Jul. 17, 2013

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