Former Bank Executive Jailed for Straw Buyer Scam

Allison Tussey —  April 1, 2014 — Leave a comment

Braden Koegel, 35, Apopka, Florida, was sentenced by U.S. District Judge Roy B. Dalton, Jr. to three years and six months in federal prison for bank fraud.

Koegel was charged via Information on October 21, 2013, and pleaded guilty on November 21, 2013.

According to court documents, Koegel, a former home lending executive at a local bank, fraudulently obtained more than $2 million worth of fraudulent home mortgages on two properties in North Carolina. He did so by utilizing straw purchasers to purchase the properties, and by lying about the income and assets of these straw purchasers on loan applications. Both of these properties ultimately went into foreclosure, resulting in a loss of more than $1 million to the lenders.

This case was investigated by the Federal Bureau of Investigation, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, and the Florida Division of Financial Services. It was prosecuted by Assistant United States Attorney Vincent S. Chiu.

 

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Allison Tussey

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