Pantelis I. “Pete” Karsos, 45, Towson, Maryland plead guilty to mail fraud in connection with a mortgage fraud scheme involving flips in Baltimore City, Maryland. Sentencing is scheduled for March 25, 2005.
It was alleged that from approximately April, 1998 to December, 1999, Knoll Housing, a company owned by Karsos, purchased Baltimore City properties at low prices and flipped them at inflated prices. Nations Mortgage, another Karsos company, acted as the mortgage broker. Anthony J. DiChiara, 41, Westminster, Maryland, the appraiser, plead guilty to mail fraud and was sentenced to one year in prison. Attorneys Nicholas Pisotlas and Barbara Pritchard who handled settlements through their title Company, All County Title, plead guilty to fraud charges.
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.