قالب وردپرس درنا توس
Home / Business / 4 men indicted in multi-million dollar mortgage fraud

4 men indicted in multi-million dollar mortgage fraud



Federal police will hold a press conference in Buffalo at 11:15 am to discuss how they believe that these businesspeople have deceived lenders for years to obtain nearly $ 170 million in loans.

Some of the defendants are being tried in federal court on Wednesday afternoon

According to the indictment, men have plotted between March 2011 and June 2017 to trick financial institutions such as Arbor Commercial Mortgage and Berkadia Commercial Mortgage as well as the government companies like the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae).

Federal investigator said that this case includes seven properties in Syracuse, Buffalo, Pittsburgh and Avon.

The four men are charged with committing the following crimes:

  • Conspiring to offer credit institutions with false rent roles offering these properties had more occupied units, at higher rents, and generated more income than they did.
  • Conspire to give false information about other incomes received in the complexes.
  • Conspiracy to provide lenders with fraudulently modified leases
  • Conspire to prevent inspectors who inspect the properties by discovering vacant units by, among other things, turning on radios within vacant units, placing mats and shoes in front of apartment doors and on at least an opportunity to hire someone to live in an apartment in which he lived, and pretend to be a tenant of an inspected unit.

If convicted, there is a maximum penalty of 30 years in prison with a fine of $ 1

million.

The Director of Communications and Events, James Smith, made the following statement on behalf of the City of Rochester:

"The City of Rochester is paying close attention to the potential impact of today's charges on ongoing projects and investments in our city." Businesses are an important corporate citizen and provide jobs and livelihoods for many of our neighbors, and we believe that everyone deserves the right granted him by the US Constitution to prove the presumption of innocence until proven guilty, and this case certainly is not And even if we do not hurry too early, just as in the past, we will continue to exercise all due diligence required to protect the taxpayers of our community. "


Source link