Husband and Wife Indicted in Mortgage Fraud Scheme

admin —  August 21, 2012 — 1 Comment

Timothy McCabe, 47, and Theresa Morales, 48, Hypoluxo, Florida, have been indicted for bank fraud.

According to the indictment, the defendants submitted a fraudulent loan application to a financial institution, JPMorgan Chase Bank, to obtain a $560,000 mortgage on a property in Lewiston, New York. The defendants, who are husband and wife, provided false information in the loan application as to employment, salary, and residency. The defendants conduct resulted in foreclosure on the property.

U.S. Attorney William J. Hochul, Jr. made the announcement.

The charge carries a maximum penalty of 30 years in prison, a $1,000,000 fine, or both.

The indictment is the result of an investigation by the Mortgage Fraud Task Force of WNY which includes agents and personnel from the United States Secret Service, under the direction of Special Agent in Charge Tracy Gast; the Federal Bureau of Investigation, under the direction of Special Agent in Charge Christopher M. Piehota; the U.S. Postal Inspection Service, under the direction of Inspector in Charge Robert Bethel; the Housing and Urban Development Office of Inspector General, under the direction of Cary Rubenstein, Special Agent in Charge, New York Region; and the Internal Revenue Service, under the direction of Acting Special Agent in Charge Toni Weirauch. The Mortgage Fraud Task Force of WNY is led by the U.S. Attorney’s Office and also includes Veterans Affairs Office of Inspector General and the U.S. Bankruptcy Trustee.

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One response to Husband and Wife Indicted in Mortgage Fraud Scheme

  1. Glad they got caught. I am assuming they were using stated income? They are not the only ones.

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