Former Bank Employee Sentenced for Mortgage Fraud

admin —  December 22, 2009 — 3 Comments

Jamilah Al-Bari, 37, District Heights, Maryland, was sentenced to a year and a day in prison, followed by five years of supervised release, for mail fraud arising from the fraudulent purchase of properties in Maryland, the District of Columbia and Virginia.  Al-Bari was also ordered to pay restitution of between $400,000 and $1 million, with the exact amount to be set at a later date.

As previously reported on Mortgage Fraud Blog, according to her plea agreement, Jamilah Al-Bari participated in a scheme with her brother, Osman Sharrief Al-Bari, Terrence White, Timothy Reed and others to pay straw purchasers to purchase houses for them using false loan documents. Jamilah Al-Bari abused her position as a business banking liaison at M&T Bank in Upper Marlboro, Maryland and created false documents purporting to verify assets for the straw buyers. She also sent false verification letters concerning the buyers’ income and assets on M&T Bank letterhead to banks and mortgage lenders to facilitate the fraud scheme. Jamilah Al-Bari created a fictitious M&T Bank employee and used the fictitious employee’s name to sign some of the false verification letters.

Jamilah Al-Bari prepared false M&T Bank verification forms for straw buyers who purchased five properties in Baltimore and two properties in Spotsylvania, Virginia. Most of the purchased properties have gone into foreclosure. Jamilah Al-Bari received a check or cash payment, disguised as a “consulting fee,” for her role in the fraud scheme. She admitted her involvement in the scheme to M&T Bank investigators who questioned her before her termination.

Although this scheme involved fraudulent loans worth over $19,021,366, the loss amount foreseeable to Jamilah Al-Bari was between $400,000 and $1 million.

Kara McIntosh, 47, and Sabrina Weinberg, 44, both of Bethesda, Maryland, were sentenced (McIntosh, Weinberg) to three years and two years in prison, respectively for mail fraud. Osman Sharrieff Al-Bari, 35, Washington, D.C., was sentenced to 78 months in prison. Terrence White, 35, Oxon Hill, Maryland, was sentenced to 42 months in prison. Timothy Reed, 44, Beltsville has also pleaded guilty to mail fraud in connection with his participation in this scheme, but has not yet been sentenced.

This prosecution has been brought as part of the Maryland Mortgage Fraud Task Force, a group of more than 15 federal, state and local law enforcement agencies in Maryland. The Task Force was formed to promote the early detection, identification, prevention, and prosecution of various kinds of mortgage fraud schemes. This case, as well as other cases brought by members of the Task Force, demonstrates the commitment of Maryland’s law enforcement agencies to protect consumers from fraud and help to ensure the integrity of the mortgage market and other credit markets.

United States Attorney Rod J. Rosenstein thanked the U.S. Postal Inspection Service, the Federal Bureau of Investigation, the Montgomery County State’s Attorney’s Office – Economic Crimes Unit and the U.S. Secret Service for their investigative work and assistance. Mr. Rosenstein commended Assistant United States Attorney Kwame J. Manley, who prosecuted the case.

Be Sociable, Share!


Posts Google+

3 responses to Former Bank Employee Sentenced for Mortgage Fraud

  1. No no, I don’t think you really understand what’s going on.
    I do get work, but I have to do twice as much for half the pay. And the AMC’s giving the work are just as bad as any mortgage broker if not worse about putting presures on appraisers. So wheres the cure of HVCC?

  2. To be honest, that scheme had nothing to do with the appraisals, but creation of straw borrowers and verification of assets and employment.

    And…. While HVCC regulations are a total cure, it does eliminate the influence by parties with interest in the transaction.

    Some appraisers are good, some aren’t, if you are a good appraiser, you will get work.

    Everyone in mortgage banking has been affected by job security and pay, you aren’t the only one.

  3. Hi Rachel, This has been my point all along, If the Feds and the powers to be would realize that these are he kind of people and the ones in these types of position are the one’s (mainly)that are at the root cause of the mortgage fraud. Not appraisers. And, this probably would have been revealed or stop much sooner if a State Certified Appraiser had been involved who in turn would have had to see and inspect the contracts and the properties. Again appraisers are the only neutral party in the whole transaction, we get the same pay no matter what the property sells for. So if the Feds & banking institution were smart (yea right) now there’s a contradiction in terms, they would make sure that appraisers got the just due fees we deserve and that we are protected from the AMC who want and need our services, but then don’t want to pay us our normal fees before HVCC, and then hurt us further by taking well over 30 days to pay us the reduced crappy fee we are being forced to settle for. I mean come on, Not one AMC or person that work in them have had to go to school for years, spend several years building a business, then be responsible for their work for the next FIVE (5) years, and pay ever increasing E&O;insurance premiums. Not to mention all the software fees and state license fees. So just recapping, appraisers are responsible longer, educated longer, pay more to perform the services we do but get paid less??? Hmmm, What would lawyers do if all of a sudden the Feds said that no one can go directly to them, that each person had to use a third party to find a lawyer and then that third cut the lawyers fees in half. I don’t know, Maybe it will take another saving & loan crisis to wake them up.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>