Straw Buyer Schemes Lead to $34 Million in Fraud Indictments

These include false or stolen identities, false loan applications, straw buyers, inflated appraisals, kickbacks, and false supporting documents. The FBI classifies these schemes as fraud for. FBI.

The Penalties For Getting Busted In A Straw Buyer Fraud Scheme. When a loan is obtained under false pretenses by a straw buyer, this can lead to federal charges for this serious offense. Bank fraud has a maximum penalty of 30 years in prison along with a fine of $1,000,000.

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What is a straw buyer? A straw buyer is a person that buys a home on behalf of another person. As one can imagine, this is frequently used in fraud crimes when a person wants to buy a home but has poor credit or is unable to obtain financing.

Fourteen people were charged with participating in a nearly $60 million mortgage fraud ring on Thursday following an FBI crackdown, has learned. The 14 alleged members of the mortgage.

Straw Man Mortgage Fraud Ends In Federal Prison August 3, 2011 Federal prosecutors alleged that from 2005 through 2007, Micah Meyers, a former manager at Islip, New York based mortgage brokerage firm Bridgewater Funding, LLC ("Bridgewater"), submitted fraudulent loan applications as part of a scheme to wrongfully obtain loans.

Lead Defendant Sentenced in $5.8 Million Mortgage Fraud Ring ATLANTA – Chiedu "George" Chukwuka has been sentenced in connection with his lead role in a mortgage fraud ring that spanned five years and caused millions in losses.

Penalties, punishment and sentencing for straw buyer schemes. The punishment for a misdemeanor conviction is typically up to a year in a county jail and a maximum $1,000 fine. The punishment for a felony violation is typically up to three years in the California state prison and a maximum fine of $10,000.

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8 Indicted for Running Alleged Straw Buyer Scheme Allison Tussey – January 6, 2014 – 1 Comment Eight people were indicted for their roles in a $40 million mortgage fraud conspiracy involving dozens of properties along Florida’s Gulf Coast.

Surjit Singh recruited straw buyers with good credit, including Anita Sharma, to make the purchases, while Rajeshwar Singh, a real estate agent, submitted fraudulent loan applications. The obtained loans of over $9.3 million but lenders incurred substantial losses when the homes were either foreclosed on or were subject to short sales.

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Two separate mortgage fraud rings in two different states made headlines Thursday morning, with federal indictments accusing them of more than $34 million dollars worth of mortgage fraud.