Loan Officer Jailed for Processing False Loan Docs for Kickbacks

admin —  May 13, 2013 — 1 Comment

Kenneth H. DiPasquale, 38, Morgantown, West Virginia, was sentenced today to 42 months in prison, followed by three years of supervised release, for his role in a series of fraudulent mortgage loan transactions, including one in which he stole an individual’s identity and “sold” that individual his home for a nearly $320,000 profit.

DiPasquale was also ordered to pay a total of $3,354,773 in restitution to his victims and to forfeit $529,098 in proceeds from his crimes.

The defendant was sentenced by United States District Judge Anthony J. Trenga. DiPasquale previously pleaded guilty to conspiracy and aggravated identity theft charges on January 25, 2013.

According to court records, DiPasquale was employed in 2007 as a loan officer at Landover, Maryland mortgage lender Citywide Mortgage. DiPasquale used that position to process loans based on false and fraudulent information, including for borrowers who had not applied for loans and who had no idea their names and identities had been used as borrowers in the transactions. In particular, DiPasquale processed fraudulent loans in exchange for kickbacks from a co-conspirator.

When he had trouble selling his own home in Bowie, Maryland, in October 2007, he stole the identity of an individual living in Arlington, Virginia, and “sold” this victim his house at a nearly $320,000 profit. He also engineered a series of transactions involving a homeowner in Hyattsville, Maryland, whom he swindled out of over $193,000.

Co-conspirator Nadin Samnang, a former Virginia realtor and title company owner, was convicted of mortgage fraud-related charges following a trial in April 2012 and was sentenced to 84 months in prison. Co-defendant Lyle C. Williams pleaded guilty to conspiracy and identity theft charges in November 2012 and was sentenced to 18 months in prison.

Neil H. MacBride, United States Attorney for the Eastern District of Virginia; Valerie Parlave, Assistant Director in Charge of the FBI’s Washington Field Office; and Gary R. Barksdale, Inspector in Charge of the Washington Division of the United States Postal Inspection Service, made the announcement.

This case was investigated by the FBI’s Washington Field Office and the U.S. Postal Inspection Service. Assistant United States Attorney Paul J. Nathanson prosecuted the case on behalf of the United States.

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One response to Loan Officer Jailed for Processing False Loan Docs for Kickbacks

  1. background on this – kenneth was from morgantown wv and worked in maryland at a loan office since 2007 and he committed identity theft on a mrotgage laon which is a fed offince pleded quilty on 01/25/13
    compliance failures – all there was kickbacks form a realator/title owner stealing identity of someone and using that to purchase your own home breaks every compliace rule wv has
    a plan to remain compliant – have more eyes on transactions that way proper verification can be done. like previously stated not due anything he did.
    if i was consumer that this had happed to i would request that max sentencing be placed and credit and retribution paid for damaged credit

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