Man Admits Concealing Foreclosure Profits

admin —  January 7, 2010 — Leave a comment

Thanh Hoang, 64, Bethesda, Maryland, pleaded guilty to conspiracy to impede the IRS, arising from a scheme to conceal millions in profits earned from the purchase and sale of foreclosure properties.

According to Hoang’s plea agreement, Thanh Hoang and other family members purchased property at foreclosure auctions beginning in 1999, and resold some of the properties at a profit.  As previously reported on Mortgage Fraud Blog, Hoang and others deposited and withdrew money from an escrow account for the purchase and sale of properties, and transferred money from the escrow account to business entities they controlled in order to conceal Hoang’s financial interests in the properties. From 2000 to 2005, Hoang and others purchased and sold hundreds of foreclosure properties using the names of their agents or business entities to conceal their involvement in the purchase and sale of the properties, and thereby avoid taxes.

The government contends that the intended tax loss resulting from the above scheme to conceal profits is between $7 and $20 million. The defendant contends that the loss is between $2.5 and $7 million. Chief U.S. District Judge Deborah K. Chasanow will determine the amount of loss at Hoang’s sentencing scheduled for June 14, 2010 at 9:00 a.m. Hoang faces a maximum sentence of five years in prison.

“IRS-Criminal Investigation is united with the rest of the law enforcement community in our resolve to financially disrupt those that commit crimes against our society and the economy,” stated C. André Martin, Internal Revenue Service-Criminal Investigation Special Agent in Charge. “IRS-Criminal Investigation is committed to pursuing individuals who create such havoc.”

United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge C. André Martin of the Internal Revenue Service – Criminal Investigation; Montgomery County State’s Attorney John McCarthy; and Special Agent in Charge Richard McFeeley of the Federal Bureau of Investigation announced the guilty plea.

United States Attorney Rod J. Rosenstein thanked IRS – Criminal Investigation; Special Investigator Daniel N. Wortman of the Montgomery County State’s Attorney’s Office; the Federal Bureau of Investigation and the Greenbelt Office of the United States Trustee Program, the Department of Justice agency that supervises bankruptcy cases and trustees, for their work in this investigation and prosecution. Mr. Rosenstein commended Assistant United States Attorneys David I. Salem and Emily N. Glatfelter, who are prosecuting the case.

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