Maryland Man Admits Lying on Loan Application

admin —  May 14, 2010 — Leave a comment

D’Von Massey, 37, Waldorf, Maryland, pleaded guilty to conspiring to commit wire fraud in connection with making false statements to obtain three home mortgages within a three month period.

According to Massey’s plea agreement, between June 2007 and September 2007, Massey and others submitted three mortgage applications for three properties in Washington, D.C. to different banks which falsely stated: each property was to be his primary residence; he had substantial rental income; another individual rented other property he owned; and that individual had provided a cashier’s check for a security deposit on the rental property. Massey knew that banks reviewed income and assets to help determine whether to approve mortgage loans. The three banks approved the mortgage loans in the total amount of $1,205,267.

Each of the three properties went into foreclosure or short sale, resulting in a total loss to the banks of $859,190.

Massey faces a maximum sentence of 30 years in prison and a $1 million fine. U.S. District Judge Alexander Williams, Jr. scheduled his sentencing for September 20, 2010 at 9:30 a.m.

The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Assistant Inspector General for Investigations Harvey Witherspoon of the Board of Governors of the Federal Reserve System – Office of Inspector General; and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation.

United States Attorney Rod J. Rosenstein thanked Assistant U.S. Attorneys Jonathan C. Su and Adam K. Ake, who are prosecuting the case.

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