Former Investor Sentenced for Down Payment Scam

Allison Tussey —  February 17, 2011 — 5 Comments

Iftikhar Ahmad, 40, Stockton, California, to 21 months in prison, to be followed by three years of supervised release, and restitution in the amount of $382,750 for multiple counts of mail fraud relating to a scheme involving the fraudulent submission of mortgage loan applications. Ahmad pleaded guilty on April 28, 2008.

Ahmad admitted that through his company I & R Investment Properties LLC, he bought and sold numerous properties that were funded with loan proceeds fraudulently obtained from Long Beach Mortgage Company. Specifically, Ahmadsecretly provided down payments to many of the buyers of the homes he was selling and aided the buyers in submitting loan applications that he knew contained false information about their income and employment. He also inflated the sales price of the properties.

Other participants in this mortgage fraud scheme have already pleaded guilty and been sentenced. John Ngo, a loan processor with Long Beach Mortgage Company, pleaded guilty on December 17, 2007 to perjury and was sentenced to nine months in prison. William Bridge, a loan broker operating The Loan Center, San Francisco, pleaded guilty on June 16, 2008 to tax charges and was sentenced to 21 months in prison, and Paul Bridge, also a loan broker at The Loan Center, pleaded guilty on June 16, 2008 to paying kickbacks and was sentenced to three years of probation.

Joel Blanford, a former account executive at Long Beach Mortgage, is charged in this investigation with mail fraud in connection with the submission of fraudulent loan applications and is awaiting trial.

United States Attorney Benjamin B. Wagner announced the sentence handed down by United States District Judge William B. Shubb.

U.S. Attorney Wagner stated, “This case revealed a chain of fraud running from home buyers through loan brokers and an employee of the mortgage lender. This office will continue to work with our law enforcement partners to investigate and prosecute those industry insiders who manipulated the mortgage loan process for their own financial gain.”

This case was the product of a joint investigation by the Federal Bureau of Investigation and the Internal Revenue Service, Criminal Investigation. Assistant United States Attorney Laurel Lomis Rimon prosecuted the case.

This law enforcement action is part of the work being done by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. One component of the FFETF is the national Mortgage Fraud Working Group, co-chaired by U.S. Attorney Wagner, which is tasked with combating mortgage fraud schemes. For more information on the task force, visit StopFraud.gov.

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Allison Tussey

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5 responses to Former Investor Sentenced for Down Payment Scam

  1. When Washington Mutual did my loan Long Beach Mortgage wasn’t in it.I never looked over the papers when getting the loan back n the mail.When I did look over the papers there they were.Something really wrong with this.Then to take all I owned.Just because they knew my husband went prison where he belonged for child molesting they knew I was alone doing a lone modification.In the year Wells Fargo took my money and it was all gone and I was fighting for that I was evicted.All of them had something to do with it.It’s not fair for me doing the right thing in life to put a molester in jail I had to pay a price so some other child was never hurt my someone like him again.Oh yea I didn’t have to tell I chose to tell.Never in my life did I think and I would do it all over again a bank would take my disability and husbands jail time to evicit me with someone else’s name as they couldn’t with mine.Mr.John Bozane knew he couldn’t get me out on my name so he use Eladio and Ana Elaina Perez who had the same name as mne to get me out.Even when the stay was made up I couldn’t have it.It was a scammed a lot of people helped wit it.Now we live in a bad area.I and my son don’t deserve this for doing the right thing.I don’t want pity I want what was mine and for justice to be done.For a year I thought someone was helping me when I found out the interrogatories were never given to the judge who gave me plenty of time the Attorney wants out.He has played every game from getting things done before me as I was honest and told him what i was doing.Before I knew it he already had it done.Like they say God doesn’t like ugly and i hope each and every one gets caught for all that happened to me and others.This was really unfair.

  2. The only thing to save me now as my attorney went against me for a whole year and now wants to call it quits.After he got my papers he never talked to me put wrong dates on them and so forth.He lied slammed the phone down on me knowing i was to weak to fight anymore.My own doctor wouldn’t scan my legs until it went to my back.All because Washington Mutual and who were taking of my home kept the things i needed to walk with.My attorney just now returned my papers but still one more court date.This is to unfair.He knows I know nothing of the system and the only reason I caught what he did was to read the calendar on the computer a few months ago.If anyone knows how I can do anything please let me know as I believe he worked with the banks who had nothing to do with it as I found he never returned papers I gave back for him to return to the court.It’s their fault from keeping all I had for me to be able to walk and now will never be able to work again.It’s like I’m sitting now and going anywhere.If anyone has any information please let me know as I know nothing of the court system and they are always ahead of me.

  3. I’m glad someone finally did something about Long Beach Mortgage.Thank-You who ever you are.It cost me my home and almost my sons life being outside.They took all I owned.Thank-You.

  4. Along with these names were Arelly Chaudrey and Toni Kedzi who they wanted to file on,as Washington Mutual let those two go.Already I was going to lose my home from three loans they did on me and never knew it.I thought it was fine after I paid the money..Sentinel Fair Housing were on them along time before this happened,and wanted myself along with others to take them to court as they did fraud on a lot of people who couldn’t speak English..They worked with Washington Mutual and did my Loans with Long Beach Mortgage,Lone Tree Mortgage,Lending Tree Mortgage,and Long Tree Mortgage. all put together in the same loan.These two people along with Cypress in Florida w/AMA maintainance in California would not let me in my house and took all my belongings.Bev Wendall the supervisor who kept my stove refrigerator and micro wave above stove along with all tools and everything I owned worth money.I never had a dish to eat on when returning with my son that is how low they were. When I called the police they showed a bog-ass fraud eviction without my name and I was told to leave the premises.I did as I was told as you do as the police ask.I know the law but for me to be thrown from my own home was unreal.From their they went to my storage stole papers for my house at Public Storage in Oakland and wouldn’t let me have the Public Storage I wanted and made me go to one the dealt with.Broke all my furniture stole all I owned even my sons socks just to say.All these peoples names need to be brought out as Long Beach Mortgage works with them.Even Wells Fargo Bank had a teller who took my money and while fighting Wells Fargo they evicted me.I felt at the time all were in on it.I had enough money to last until I was better.Now from a fall I can never walk pretty soon as the dis are going out..When you can’t hardly walk they do the walking right over you.It doesn’t matter anymore what i say as these people took my life away and my son almost died from being outside.Someone needs to stop this.I hope Cypress gets it as they refused my belongings and i ended up in a mental breakdown from living in my car.They were in my house every night as I was told getting the papers so I couldn’t prove nothing.So now I go to court with a fraud attorney who held my case up for over a year and now wants out.What kind of things are people going through just for money.I would of gave them the house just give me my grandmothers things and things I can never replace.I hope they catch each and every one of them,along with Ana Elaina Perez and her husband who was Eldadio Perez on my eviction and who are on my documents downtown saying they had a loan on the same property I owned for 7 yrs and lived 2 yrs before on sec 8 with it.They were living in another area and no on ever knew ofthem.Crocked as ever the same yrs on my last loan with Washington Mutual who I never new at the time were with Long Beach Mortgage.

  5. This happened to me with Long Beach Mortgage who were with my loan company Washington Mutual in 2008.After a year or over a year my attorney now wants to call it quits after ruing my case altogether.They were wrong and did a loan motivation and no one did the right thing by me.Evicted me with a 3 day eviction in someone Else’s name.They had my lat name.So it looked strange and I wasn’t on the eviction.They sold the house right out under me and left me living in it.I paid to start my loan al aver and Chase had a lot to do with it.I tried to talk to chase they pt me threw all kind of changes.I’m in a bad situation go to court for the first time in a few days.My attorney never old me about court dates either.Also never turned in interrogatories and left me,as he is asking the judge now to let him out.All I want is him to explain why now and not in the first few days.I’m disabled and couldn’t move around and never knew how to read the computer for my hearing until 2 months ago and this is how i found out all about this court thing.I feel he sided with these people as no one told me anything o talked to me for a year.There is more to this story.Also kept my things for being disabled,and it slowed me down.It has been hard for my son and I.We didn’t deserve any of this.

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