Loan Broker Gets 48 Months for Two Fraud Schemes

admin —  December 7, 2009 — Leave a comment

Hayung Peter Jin, 46, Centreville, Virginia, was sentenced to 48 months in prison, followed by three years of supervised release, on fraud charges involving his loan brokerage business, known as Business Capital and Investments, Inc., located in Annandale, Va. Jin was also ordered to pay restitution in the amount of $665,000.

As previously report on Mortgage Fraud Blog, Jin pled guilty to multiple fraud charges and aggravated identity theft on Aug. 17, 2009. According to court documents, Jin admitted his involvement in two separate schemes involving his loan brokerage business, which served primarily Korean Americans in the Washington metropolitan area.

The first scheme occurred in October 2005, when Jin convinced a former client to sell his Loudoun County home to another person, a South Carolina businessman named Han; however, Han had never agreed to purchase the home. Jin used Han’s name and Social Security number to obtain financing for the apparent purchase of the home, plus additional home equity loans in Han’s name. Jin, who was a licensed notary public, fraudulently notarized Han’s signatures on loan documents. The total amount of fraudulently obtained financing was $620,000.

In connection with the second scheme, in January 2007 Jin convinced a local business woman that he had obtained four borrowers who wanted to borrow funds from her in the total amount of $360,000, when in fact the alleged borrowers had never agreed to such an arrangement. Jin forged four promissory notes and gave them to the businesswoman in order to induce her to transfer the $360,000 to him, with the understanding that Jin would transfer the funds to the four “borrowers.” In reality Jin kept the funds for himself.

Neil H. MacBride, United States Attorney for the Eastern District of Virginia, and Joseph Persichini Jr., Assistant Director in Charge of the FBI Washington Field Office, made the announcement after sentencing by United States District Judge James C. Cacheris.

This case was investigated by the FBI’s Washington Field Office. Assistant United States Attorney Stephen P. Learned prosecuted the case on behalf of the United States.

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