4 Charged with Mortgage Fraud in New York

Allison Tussey —  December 16, 2010 — 2 Comments

Four defendants in a two-year scheme in which the defendants obtained fraudulent mortgages exceeding $3 million:

Sarfraz Tariq and Mohammed Azam Choudry were arrested in New Jersey. Saleem Ali and Shahid Rasheed surrendered to authorities. The defendants were presented in Manhattan, New York, federal court.

According to documents previously filed in federal court and the record of the case: Beginning in 2006, the defendants and their coconspirators recruited straw buyers to purchase homes belonging to one or more of the co-conspirators. The defendants and their co-conspirators agreed to pay any down payments, the first three months of mortgage payments, and a kickback of $20,000 per mortgage to the straw buyers. On at least two occasions, the coconspirators arranged for a straw buyer to purchase properties belonging to the co-conspirators using mortgages that were based on applications that contained false information, including false bank accounts, false personal information, and other false statements. In total, the investigation has uncovered at least nine fraudulently-obtained loans totaling more than $3 million.

The defendants are charged with conspiring to commit wire fraud, which carries a maximum sentence of 20 years.

Preet Bharara, the United States Attorney for the Southern District of New York, and Janice K. Fedarcyk, the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation, announced the charges.

Mr. Bharara praised the efforts of the FBI. He added that the investigation is continuing.

This case is being handled by the Office’s Organized Crime Unit. Assistant U.S. Attorney Daniel S. Goldman is in charge of the prosecution.

The charges contained in the Indictment discussed above are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

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Allison Tussey

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2 responses to 4 Charged with Mortgage Fraud in New York

  1. WHEN I READ ABOUT PEOPLE WHO COME TO THIS GREAT NATION NOT ENJOY FREEDOM,BUT TO INSULT US TO LAUGH AT AMERICA FOR BEING SO STUPID TO THINK THAT THEY WOULD LOVE AND CHERISH OUR WAY OF LIFE IT MAKES ME MAD AS HELL!! THE DANCING DRUNK FROM CRAWFORD TX. NEVER READ THE HISTORY OF THE BRITISH IN THE SAME AREA.50,000 TROOPS IN THE TRIBAL AREAS IN THE 1930S GOT THEM NOTHING.STOP IMAGRATION AS IT NOW ALLOWED.TERRIORIST DONT SNEAK INTO THIS COUNTRY, THEY BUY AN AIRLINE TICKET!!

  2. I wish people like them would just stop. But then again I can’t judge them because of what the world’s experiencing today, things like these often happen. Let’s just hope they’ll be able to find another option to crawl their way out of money issues.

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