Archives For inflated appraisal

Janna Nassida, 45, West Mifflin, Pennsylvania, and James Nassida, 48, Pittsburgh, Pennsylvania, were charged by a federal grand jury in a two count indictment with wire and bank fraud conspiracy.

According to the indictment, from 2002 to 2008 James Nassida and his sister Janna Nassida knowingly conspired with other individuals known to the grand jury to defraud lenders and consumers. James and Janna Nassida worked at Century III Home Equity, a mortgage broker firm. The fraud scheme involved the submission of loan applications to lenders that contained material misrepresentations about the borrowers’ financial conditions, such as inflating borrowers’ incomes and assets. James and Janna Nassida, along with others who worked at Century III, also submitted bogus supporting documentation for the misrepresentations contained in the applications, as well as appraisals that overstated the values of the properties serving as collateral for the loans.

The law provides for a maximum total sentence of 60 years in prison, a fine of $2,000,000 or both.

The indictment was announced by United States Attorney David J. Hickton.  Assistant United States Attorney Brendan T. Conway is prosecuting this case on behalf of the government.

Kevin Campbell, 53, Pyesville, Maryland, was sentenced to 19 months in prison followed by five years of supervised release for conspiring to commit mail, wire and bank fraud arising from mortgage fraud schemes resulting in losses totaling approximately $1.2 million and was ordered to pay restitution of $1,182,822.

Jonathan L. Miles, 45, Perry Hall, Maryland to 18 months in prison followed by five years of supervised release for conspiring to commit bank fraud, and entered an order that Miles pay restitution of $1,182,822.

Campbell invested in Baltimore residential real estate, and controlled four companies that bought and sold residential real estate: KMJ Realty LLC; E&W Realty LLC; C Realty LLC; and City Realty LLC. Miles was a loan officer for a mortgage brokerage company formerly located in Reisterstown, Maryland. Continue Reading…

Kenneth Sweetman, 34, Nutley, New Jersey, was sentenced to 24 months in prison for his role in a massive mortgage fraud scheme involving multiple properties in Elizabeth, New Jersey.  Sweetman previously pleaded guilty before U.S. District Judge Susan D. Wigenton to an information charging him with one count of conspiring to commit wire fraud affecting a financial institution.

According to documents filed in the case and statements made in court: Continue Reading…