Tariq F. Hamad, 37, Dearborn, Michigan, was sentenced to 110 months in prison and ordered to pay approximately $12 million in restitution for his role in a mortgage fraud scheme. Hamad pled guilty to one count of wire fraud in December of 2006.
The Information alleged that Hamad devised and participated in a scheme to defraud mortgage lenders by falsifying documents being submitted to lenders for purposes of obtaining mortgage loans on behalf of fictitious borrowers.
According to the Plea Agreement, Hamad admitted to preparing fraudulent loan application packages that included false income statements, false appraisals and title documents, among other fraudulent records. Hamad used the fraudulent loan proceeds to invest in the stock market, where he suffered major losses.
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.