Ramzy Moumneh, a/k/a Ramsey Moumneh, Kamal Moumneh, a/k/a Kamal Renno, Chuong X. Dam, Demetrios J. Voiklis, a/k/a James Voiklis, and Kimberly Brothers were all found guilty of multiple counts stemming from an indictment alleging a foreclosure rescue scheme.
The jury found the five defendants guilty as follows:
Ramzy Moumneh, a/k/a Ramsey Moumneh, 37, Tampa, Florida
- Conspiracy to commit mail fraud, wire fraud, bank fraud and making a false statement to a federally insured lender
- Wire fraud (6 Counts)
- Mail fraud (8 Counts)
- Bank fraud (12 Counts)
- False statements to a federally insured lender (12 Counts)
Kamal Moumneh, a/k/a Kamal Renno, 38, Tampa, Florida
- Conspiracy to commit mail fraud, wire fraud, bank fraud and making a false statement to a federally insured lender.
- Wire fraud (6 Counts)
- Mail fraud (8 Counts)
- Bank fraud (12 Counts)
- False statements to a federally insured lender (12 Counts)
Chuong X. Dam, 33, Tampa, Florida
- Conspiracy to commit mail fraud, wire fraud, bank fraud and making a false statement to a federally insured lender.
- Wire fraud (6 Counts)
- Mail fraud (8 Counts)
- Bank fraud (10 Counts)
- False statements to a federally insured lender (10 Counts)
Demetrios J. Voiklis, a/k/a James Voiklis, 32, Tampa, Florida
- Conspiracy to commit mail fraud, wire fraud, bank fraud and making a false statement to a federally insured lender.
- Wire fraud (3 Counts)
- Mail fraud (3 Counts)
- Bank fraud (1 Count)
- False statements to a federally insured lender (1 Count)
Kimberly Brothers, 28, Riverview, Florida
- Conspiracy to commit mail fraud, wire fraud, bank fraud and making a false statement to a federally insured lender.
- Wire fraud (2 Counts)
- Mail fraud (1 Count)
- Bank fraud (1 Count)
- False statements to a federally insured lender (1 Count)
Amy Hudd, a/k/a Amy Paukner, Spring Hill, Florida, who was also charged in the Indictment fell ill during the trial. Due to her illness, her trial was severed from the others. Hudd will be tried separately at a future date yet to be determined.
A seventh person, Lucretia Junge, 31, Land O’ Lakes, Florida, pled guilty to conspiracy to commit bank fraud, requiring her to testify for the government at the trial.
According to evidence presented at trial and court documents the defendants targeted homeowners located throughout Central and South Florida who were about to lose their homes through foreclosure. The homeowners were told that First Hanover Mortgage Corp., a company owned and controlled by the Moumneh brothers, could help them avoid the foreclosure and keep their homes at no cost to them.
Rather than helping the homeowners, the homeowners were duped into selling their homes to straw buyers who were recruited by the defendants. This was done under the pretext that the homeowners could buy their homes back after making 12 monthly lease payments.
The defendants recruited straw buyers and then arranged for the sale of the homeowners' homes to the straw buyers. They arranged for new mortgages that exceeded the amount of the mortgages the homeowners originally had against the properties. The defendants prepared documents and papers associated with the straw buyers' purchase of the properties. The loan documents contained false representations that the straw buyers intended to use the properties as their primary residences. The closings of the transactions were conducted so that the straw buyers did not have to produce any funds at closing.
Homeowners were given documents to sign, including deeds, without having a chance to read and review and without being provided copies. The defendants also forged homeowners' signatures on documents.
Pursuant to a document entitled "Demand Pay Off Statement", after paying off the existing mortgage loan, the excess funds remaining from the new loan were paid to Properties Management Corporation and Maxx Financial, Inc., entities owned and controlled by the Moumnehs and Chuong Dam, respectively. The Demand Pay Off Statement, according to court documents, was a sham document created by the defendants and sent to either Voiklis, Brothers, or Junge, who were the closing agents for each of the home sales. The Demand Pay Off Statement was a demand for payment of a non-existent lien against the homeowner and in favor of Properties Management Corporation or Maxx Financial, Inc.
Without the knowledge or consent of the homeowners, more than $2 million of homeowners’ equity was siphoned off and distributed to the defendants.
The conspiracy, mail fraud, and wire fraud counts each carry a maximum penalty of five years’ imprisonment and a fine of $250,000. The bank fraud counts and the counts charging a false statement in connection with a loan application each have a maximum penalty of 30 years’ imprisonment and a fine of $1-million. A sentencing date has not been scheduled.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.