Mortgage Fraud

Mortgage Fraud: Alagi Samba Guilty To Conspiracy To Commit Wire Fraud Affecting a Financial Institution

<h2>Second Defendant Pleads Guilty In Mortgage Fraud Conspiracy<&sol;h2>&NewLine;<p>BUFFALO&comma; N&period;Y&period;-U&period;S&period; Attorney William J&period; Hochul Jr&period; announced today that Alagi Samba&comma; 46&comma; of Bronx&comma; NY&comma; pleaded guilty to conspiracy to commit wire fraud affecting a financial institution&comma; before U&period;S&period; District Judge Laurence J&period; Vilardo&period; The charge carries a maximum penalty of 30 years in prison and a &dollar;1&comma;000&comma;000 fine&period;<&sol;p>&NewLine;<p>Assistant U&period;S&period; Attorneys Kathleen A&period; Lynch and Elizabeth Moellering&comma; who are handling the case&comma; stated that between June 2008 and February 2009&comma; the defendant conspired with other individuals to devise a scheme to commit <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;mortgage&sol;" title&equals;"mortgage" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"72">mortgage<&sol;a> fraud which included obtaining seven loans for unqualified borrowers&period;<&sol;p>&NewLine;<p>As part of the scheme&comma; Samba served as a realtor on behalf of co-conspirator Daniel Badu in the purchase of a property at 814 Faile Street&comma; Bronx&comma; NY&period; The defendant was aware that Badu was employed as a home health aide and did not have the income or assets to qualify for a mortgage <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"228">loan<&sol;a> in the amount of &dollar;574&comma;543 to purchase the property&period; Samba obtained Badu’s personal identification information and business documents and provided them to another co-conspirator&comma; a mortgage broker&comma; knowing that the documents would be altered or created to falsely indicate that Badu was an ophthalmologist at his company Eagle Eyes&period; In addition&comma; fraudulent paystubs and tax returns were submitted to support the loan application&period; Samba knew that these false loan documents were submitted a mortgage bank in order to secure a loan insured by the Federal Housing Administration&period; Based on that false application and supporting documentation&comma; the loan was approved&period;<&sol;p>&NewLine;<p>The defendant and his co-conspirators arranged for additional fraudulent loans to be approved&comma; including another loan for Badu&comma; and caused wire communications to be transmitted in interstate commerce for those loans&period; These fraudulent transactions caused losses of approximately &dollar;3&comma;603&comma;830 affecting <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"617">financial<&sol;a> institutions in Buffalo and elsewhere&period;<&sol;p>&NewLine;<p>Daniel Badu was also convicted of wire fraud affecting a financial institution and is scheduled to be sentenced on November 15&comma; 2016 at 10&colon;00 am before Judge Vilardo&period;<&sol;p>&NewLine;<p>Charges are pending against defendants Gregory Gibbons&comma; Julio Rodriguez&comma; Laurence Savedoff&comma; and Tina Brown&period; The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty&period;<&sol;p>&NewLine;<p>The plea is the culmination of an investigation by the United States Postal Inspection Service under the direction of Shelly Binkowski&comma; Inspector in Charge&comma; Boston Division&comma; the United States Department of Housing and Urban Development&comma; Office of the Inspector General&comma; under the direction of Special Agent in Charge Brad Geary&semi; and the Federal Bureau of Investigation&comma; under the direction of Special Agent in Charge Adam S&period; Cohen&period;  Additionally&comma; the New York State Department of Financial Services assisted with the investigation&period;<&sol;p>&NewLine;<p>Sentencing for defendant Samba is scheduled for March 14&comma; 2017 at 10&colon;00 a&period;m&period; also before Judge Vilardo<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;justice&period;gov&sol;usao-wdny&sol;pr&sol;second-defendant-pleads-guilty-mortgage-fraud-conspiracy">Original PressReleases&&num;8230&semi;<&sol;a><&sol;p>&NewLine;

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