Man Admits Down Payment Fraud and Kickback Scheme

admin —  May 23, 2013 — Leave a comment

Daniel Monteiro, 34, Wolcott, Connecticut, waived his right to indictment and pleaded guilty before United States Magistrate Judge Donna F. Martinez in Hartford to one count of conspiracy to commit bank fraud, wire fraud, and money laundering stemming from a mortgage fraud scheme.

According to the criminal information and statements made in court, from approximately May to October 2007, Monterio conspired with others to obtain residential mortgages through the use of false down payments and hidden referral fees. As part of the scheme, Monterio referred individuals to a co-conspirator who had purchased numerous residential real estate properties, many through the use of a private lender. The individuals Monterio referred were then identified on mortgage documents as having purchased properties from Monterio’s co-conspirator. However, the co-conspirator purchased the bank checks that were used as down payments for each of the transactions. The co-conspirator used money obtained from the mortgages to pay private lenders and, on some occasions, referral fees to Monterio.

Monterio is scheduled to be sentenced by Chief United States District Judge Alvin W. Thompson on August 16, 2013, at which time Monterio faces a maximum term of imprisonment of five years and a fine of up to $250,000. As part of his plea agreement, Monterio has agreed to forfeit $15,000.

Deirdre M. Daly, Acting United States Attorney for the District of Connecticut, announced the charges and guilty plea.

This case is being investigated by the U.S. Department of Housing and Urban Development-Office of Inspector General, the Internal Revenue Service-Criminal Investigation, the United States Postal Inspection Service, and the Federal Bureau of Investigation. The case is being prosecuted by Assistant United States Attorney David T. Huang and Paul H. McConnell.

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