Man Admits Loan Application Misrepresentations

Allison Tussey —  February 11, 2011 — 4 Comments

Dean Rodriguez, 41, Wexford, Pennsylvania, pleaded guilty to one-count of wire fraud conspiracy before Senior United States District Judge Alan N. Bloch.

In connection with the guilty plea, the court was advised that Rodriguez participated in a mortgage fraud conspiracy in which he and another individual, working for two different mortgage broker companies, submitted loan applications to lenders that contained false representations related to the borrowers’ income, assets, and whether they intended to reside at the properties serving as collateral for the loan as their primary residence. In addition, with the assistance of another individual, Rodriguez participated in real estate closings that were fraudulent in that the conspirators represented to the lenders that the borrowers had made substantial down payments associated with the acquisition of the properties, when in fact they had not.

Judge Bloch scheduled sentencing for June 2, 2011. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

United States Attorney David J. Hickton announced the guilty plea.

Assistant United States Attorney Brendan T. Conway is prosecuting this case on behalf of the government.

The Mortgage Fraud Task Force conducted the investigation that led to the prosecution of Rodriguez. The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry. Federal law enforcement agencies participating in the Mortgage Task Force include the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigation; the United States Department of Housing and Urban Development, Office of Inspector General; the United States Postal Inspection Service; and the United States Secret Service. Other Mortgage Fraud Task Force members include the Allegheny County Sheriff’s Office; the Pennsylvania Attorney General’s Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee’s Office.

Mortgage industry members with knowledge of fraudulent activity are encouraged to call the Mortgage Fraud Task Force at (412) 894-7550. Consumers are encouraged to report suspected mortgage fraud by calling the Pennsylvania Attorney General’s Consumer Protection Hotline at (800) 441-2555.

 

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Allison Tussey

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4 responses to Man Admits Loan Application Misrepresentations

  1. I feel if everyone in the selling of a house gets one set fee,commissions of what you’ll make on a sell of a house would help stop all the fraudulent activitys. Jacked up prices on homes to get a higher commission is ruining the housing market.People are being taken advantage by their Real Estate Agents,Appraisers,Mortgage Brokers and loan officers from the Banks.There are to much cover ups and misreprentation and falsifying Documents.

  2. While it seems everyone has their own particular mortgage fraud story, it also seems very likely that mortgage brokers have had a pretty cozy relationship involving their complicity with lenders.Sooner or later these investigations will get past the mortgage brokers, and begin to look at bank underwriters and their involvement in this nationwide mortgage fraud scheme.

  3. kimberly J Kuester February 15, 2011 at 7:39 pm

    Help, the loan we took out at a small town local bank for our mortgage in 2004, has listed how much we put down and assets I didn’t even know were fraudulent the loan officer vice president put down it was called open end mortgagae with advancement we have to renewal terms every 36 months, during the time of our loan my husband continued to keep getting advances on our mortgage without my knowledge and I am joint owner I have requested since 2008 to get notices sent to me and to home address when payments are late bank refused to send me notice told my husband changed it to Box office please direct me I have yet to find who can help with the continued fraud and bank failing to work with me we are in process of divorce bank wont let me off the loan due to stated I have deep pockets I have money nor will they finance without me on loan for my soon to be ex/

  4. get paid filling surveys February 13, 2011 at 6:43 pm

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