A man in Washington faces multiple charges for his elaborate scheme to acquire real estate properties fraudulently. The charges include:
- Up to 30 years in federal prison and a possible $1 million maximum fine if convicted for conspiracy to commit bank fraud.
- 20-year-maximum sentence and a $250,000 possible fine for wire fraud.
- Six counts of money laundering, each carrying a maximum 10 years in prison and $250,000 in fines.
According to www.mortgagefraudblog.com, the man in question and others fraudulently transferred the ownership of the real property to shell companies he controlled, by fabricating fraudulent property records that indicated that the mortgage holder’s interests in the real estate property had been eliminated.
To further complicate the situation, the fraudulent documents allegedly reported that the shell companies he controlled had outstanding mortgage loans on the real properties which were held by another company he also controlled. Upon the sale of the real property, the fake loan was paid off using seller’s proceeds. The conspirators also created and used various entities names to execute their scheme.
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