Thomas Komasa, 47, and his wife Heidi Komasa, 39, Saugerties, New York, were convicted on charges stemming from an alleged mortgage fraud scheme.
As previously reported on Mortgage Fraud Blog, on May 27, 2010, a federal grand jury in Burlington, Vermont returned a ten-count indictment charging the Komasas with conspiracy and mail, wire and bank fraud. According to the indictment, between 2004 and 2006, the Komasas made false statements and used falsified documentation to obtain mortgage loans to buy and refinance five parcels of residential real estate in Chittenden County, Vermont. The couple allegedly bought the properties for investment purposes, with the intention of reselling them in a rising real estate market. According to the indictment, the Komasas obtained more than $2 million in loans for which they otherwise were not qualified by, among other things, inflating the income they reported in mortgage applications; overvaluing assets and understating liabilities; and supplying falsified documentation concerning their financial affairs to the lending institutions.
The Komasas resold one of the five properties in 2006 for a small profit. However, they were unable to maintain payments on the four other mortgages and, as a result; those properties were eventually foreclosed upon.
A tenth count in the indictment charged Thomas Komasa with another bank fraud. According to the indictment, in 2005, Komasa wrote a $19,000 check drawn on an account that had been closed for almost four years. He then deposited the worthless check into a business account at his credit union and engaged in financial transactions with the apparent funds.
The Komasas could each face up to 30 years of imprisonment and fines of up to $1,000,000. The actual sentence would be determined with reference to federal sentencing guidelines. The date of the sentencing has not yet been set.
Thomas Komasa was convicted of ten counts of bank, mail and wire fraud. Heidi Komasa was convicted of eight counts of bank, mail and wire fraud. She was acquitted on one count of mail fraud.
The Office of the United States Attorney for the District of Vermont made the announcement.
This case was investigated by the Burlington office of the Federal Bureau of Investigation.
Thomas Komasa is represented by Elizabeth Mann and Heidi Komasa by Mark Kaplan. The prosecutors on the case were Assistant U.S. Attorney Gregory Waples and U.S. Attorney Tristram Coffin.