Azem Limani, 37, Anchorage, Alaska, was sentenced in federal court to 18 months imprisonment for violations of wire fraud and engaging in monetary transactions in criminally derived property related to a mortgage fraud scheme involving properties in Achorage, Alaska.

According to the information presented to the court, Limani engaged in a wide ranging mortgage fraud scheme using a number of others to obtain a series nominee loans, that is loans that hide the true borrower. Limani was aided in the scheme by his codefendant, Kourosh Partow who was a loan officer and branch manager of Countrywide Home Loans at the time and arranged for fraudulent loans to be issued to the nominees by falsifying their income, assets and other matters on the loan applications. Partow was previously sentenced to a term of 25 months imprisonment by Senior United States District Court Judge H. Russel Holland.

Prior to imposing sentence, after a lengthy sentencing hearing, Judge Holland stated that he believed that Limani was fully aware of what was going on with regard to the nominee loans and knew that they were not real loans to purchase personal residences. Judge Holland further stated that Limani’s actions in making others in the scheme felons and leaving them responsible for his financial mess required a serious sentence. Balancing these actions against Limani’s background and Partow’s involvement, Judge Holland found that Limani should be sentenced to a term less than Partow and imposed the 18 month sentence. Judge Holland also required Limani to pay restitution of $190,000 to Countrywide Home Loans and FNMA.

As previously reported by Mortgage Fraud Blog, Kourash Partow, Azem Limani, Bekim Hasipi, Robin Dorman, Dzevid Limani, Agim Delolli and Jan Marquiss were indicted for a mortgage scheme in Anchorage, Alaska that involved straw buyers, inflated property values and flipping of 11 properties, some multiple times. The total value of the 14 loans alleged in this indictment to have been fraudulently obtained is over $5 million. Prosecutors estimate that the defendants netted over $750,000 from the scheme.

Kourash Partow was a former branch manager for Countrywide Home Loans. Partow left Countrywide in May when an internal audit revealed irregularities. He then went to work for American Home Mortgage. Partow was previously licensed in Wisconsin, however his license was revoked after he admitted to forging a landlord's signature to a false verification of rent that was used in a loan he originated. Alaska does not currently require licensing for mortgage lending. While most prosecutions for income misrepresentation involved falsified documentation such as verifications of employment, Partow is accused of inflating incomes using stated income loan programs.

According to the indictment, Azem Limani, who owned or operated Alaska Super Pawn, LRD Investments, Limane Rentals and H and L Investments, and Hasipi, Dorman and Dzevid Limani worked for him in those businesses. According to the indictment, Limani, with the help of the other defendants, obtained financing for the purchase of residential real estate in Anchorage, Alaska by providing false and fraudulent statements and documents to lending institutions and by using of inflated income and straw borrowers and concealing the relationships of the defendants with one another. They would then sell the properties either to each other through the use of fraudulently obtained loans or in some instances to third parties, retaining the profits for the benefit of Limani and the his conspirators. Partow received commissions from the closing of the fraudulently obtained loans.

The indictment alleges the conspirators obtained loans from two banks and three mortgage companies, including at lease 15 loans involving the purchase and/or refinancing of the following 14 separate properties:

1343 Chirikof Court, Anchorage, Alaska

4840 Leah Court, Anchorage, Alaska

11200 Briggs Ct, Anchorage, Alaska

2000 Hillcrest, Anchorage, Alaska

2683 Wesleyan Drive, Anchorage, Alaska

12387 Division Street, Anchorage, Alaska

12363 Division Street, Anchorage, Alaska

12371 Division Street, Anchorage, Alaska

1743 Minerva Way, Anchorage, Alaska

10541 Rezanof Circle, Anchorage, Alaska

6710 Reedyke Circle, Anchorage, Alaska

438 Pine Street, Anchorage, Alaska

127 W. 22nd Avenue, #503, Anchorage, Alaska

2675 Wesleyan Drive, Anchorage, Alaska

A separate indictment was handed down against Kourash Partow in connection with an additional 14 properties where Partow " was alleged to have caused and attempted to cause Countrywide and American Home to issue mortgage loans" based upon stated income that was greater that the borrower's real income or by adding the income of non-obligated third parties to the borrower's income.

The property addresses identified in the indictment of Partow are:

2201 West 48th Avenue, Anchorage, Alaska

15621 Stanwood Circle, Anchorage, Alaska

3423 Murphy Circle, Anchorage, Alaska

308 Davis Street, Anchorage, Alaska

10936 Elmore Road, Anchorage, Alaska

5431 O'Malley Road, Anchorage, Alaska

6673 Shangri-La Circle, Anchorage, Alaska

702 Deermont Street, Ketchikan, Alaska

6465 Whispering Loop, Units A and B, Anchorage, Alaska

9640 East Forest Grove Circle, Palmer, Alaska

705 West 27th Avenue, Anchorage, Alaska

12324 Silver Spruce Circle, Anchorage, Alaska

4265 South Timberland Loop, Wasilla, Alaska

205 Dailey Avenue, Unit 1, Anchorage, Alaska