Builder Bailout Scheme – Edward Khalfin Guilty Verdicts

<figure id&equals;"attachment&lowbar;16832" aria-describedby&equals;"caption-attachment-16832" style&equals;"width&colon; 336px" class&equals;"wp-caption alignright"><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;mortgage-fraud-2&sol;amp&sol;" rel&equals;"attachment wp-att-15479"><img class&equals;"wp-image-16832" src&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;wp-content&sol;uploads&sol;2015&sol;11&sol;mortgage-fraud-1&period;jpg" alt&equals;"Attentions From Loans Fraud" width&equals;"336" height&equals;"225" &sol;><&sol;a><figcaption id&equals;"caption-attachment-16832" class&equals;"wp-caption-text">Attentions From Loans Fraud<&sol;figcaption><&sol;figure>&NewLine;<p><strong>Edward Khalfin<&sol;strong>&comma; 58&comma; San Mateo&comma; California was found guilty by a federal jury of 12 counts of <a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;scammer-email-addresses-directory-catalog&sol;amp&sol;">mail fraud<&sol;a> and 11 counts of making false statements on <a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;fraud&sol;loans&sol;amp&sol;">loan applications<&sol;a>&period; <strong>Robin Dimiceli<&sol;strong>&comma; 53&comma; Brentwood&comma; California was found guilty by a federal jury of six counts of <strong>mail fraud<&sol;strong> and six counts of making false statements on <em>loan applications<&sol;em>&period;  The convictions arise out of a <strong>builder bailout scheme<&sol;strong> that provided financial incentives to straw buyers to get them to purchase homes that developers were having difficulty selling<&sol;p>&NewLine;<div class&equals;"mh-content-ad"><script async src&equals;"https&colon;&sol;&sol;pagead2&period;googlesyndication&period;com&sol;pagead&sol;js&sol;adsbygoogle&period;js&quest;client&equals;ca-pub-9162800720558968"&NewLine; crossorigin&equals;"anonymous"><&sol;script>&NewLine;<ins class&equals;"adsbygoogle"&NewLine; style&equals;"display&colon;block&semi; text-align&colon;center&semi;"&NewLine; data-ad-layout&equals;"in-article"&NewLine; data-ad-format&equals;"fluid"&NewLine; data-ad-client&equals;"ca-pub-9162800720558968"&NewLine; data-ad-slot&equals;"1081854981"><&sol;ins>&NewLine;<script>&NewLine; &lpar;adsbygoogle &equals; window&period;adsbygoogle &vert;&vert; &lbrack;&rsqb;&rpar;&period;push&lpar;&lbrace;&rcub;&rpar;&semi;&NewLine;<&sol;script><&sol;div>&NewLine;<p>According to court documents&comma; from August 2006 through May 2008&comma; two brothers&comma;<strong>Volodymyr Dubinsky<&sol;strong>&comma; 56&comma; formerly of Folsom&comma; California&comma; and <strong>Leonid Doubinski<&sol;strong>&comma; 50&comma; formerly of Copperopolis&comma; California&comma; built&comma; developed&comma; and sold real estate in<strong>Carmichael&comma; California<&sol;strong>&comma; <strong>Sacramento&comma; California<&sol;strong>&comma; and <strong>Copperopolis&comma; California<&sol;strong>&period; As the real estate market declined&comma; the brothers recruited family members&comma; employees&comma; and associates with good credit to act as straw buyers for residential properties&period; The Dubinsky brothers have not been apprehended and are fugitives thought to be residing in Ukraine&period;<span id&equals;"more-25238"><&sol;span><&sol;p>&NewLine;<p>Khalfin was a licensed <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;mortgage&sol;amp&sol;" title&equals;"mortgage" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"29">mortgage<&sol;a> broker&semi; his company was called <strong>Bay Financial Co<&sol;strong>&period;  Dimiceli was a licensed real estate salesperson and was self-employed at <strong>Trinity Mortgage Capital<&sol;strong>&comma; which was affiliate with <strong>Windsor Mortgage Capital<&sol;strong>&period; Khalfin and Dimiceli assisted in the scheme by submitting the <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;amp&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"175">loan<&sol;a> applications for the straw buyers&period; They allegedly prepared and submitted applications to lenders that falsely stated the straw buyers’ income&comma; assets&comma; and intent to occupy the homes as their primary residences&period; Dimiceli was a straw buyer for at least two properties involved in the scheme&period;<&sol;p>&NewLine;<p>The case is the product of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation&period; Assistant United States Attorneys Todd A&period; Pickles and Roger Yang are prosecuting the case&period;<&sol;p>&NewLine;<p>Three other indictments were brought relating to this scheme&period; Four defendants have pleaded guilty and are scheduled to be sentenced&colon; <strong>Svetlana Dubinsky<&sol;strong>&comma; 51&comma; Boca Raton&comma; Florida&period;&semi; <strong>Serge Doubinski<&sol;strong>&comma; 32&comma; San Francisco&comma; California&semi; <strong>Zinayda Chekayda<&sol;strong>&comma; 52&comma; Antelope&comma; California&semi; and <strong>Kory Schmidli<&sol;strong>&comma; 37&comma; Linden&comma; California&period; A trial is pending for <strong>Diana Woods<&sol;strong>&comma; 58&comma; Citrus Heights&comma; California on March 8&comma; 2016&period; Volodymyr Dubinsky and Leonid Doubinski are fugitives&period;<&sol;p>&NewLine;<p>Sentencing is set for Khalfin and Dimiceli for February 1&comma; 2016&comma; by United States District Judge William B&period; Shubb&period; The defendants face a maximum statutory penalty of up to 20 years in prison and a &dollar;250&comma;000 fine for mail fraud and 30 years in prison and a &dollar;1 million fine for false statements on a loan or credit application&period;<&sol;p>&NewLine;