Archives For Kickbacks

Daniel C. Bomar, 36, Ocean Springs, Mississippi, James B. Wright, 55, Ocean Springs, Mississippi, and Brett T. Immel, 35, Chicago,  Illinois, were indicted by a federal grand jury on April 14, 2016, and charged with conspiracy to commit bank fraud and conspiracy to commit money laundering in the Eastern District of Texas.

According to the indictment, from 2010 to 2012, the defendants are alleged to have conspired to defraud and obtain money from Prime Lending, a mortgage lending company in Dallas, and from Federal Savings Bank, a mortgage lending company in Overland Park, Kansas.  Both companies are insured by the Federal Deposit Insurance Corporation (FDIC).   Continue Reading…

Gary Hughes, 36, San Diego, California, pled guilty to one count of mortgage fraud conspiracy involving bank fraud. He faces a maximum penalty of 30 years’ imprisonment.

According to the plea agreement and court proceedings, in 2005, entities controlled by co-conspirators entered into a contract to purchase The Arbors, an apartment complex in Hillsborough County, Florida. The new owners of The Arbors then engaged in a plan to convert the complex from rental to condominium units. Continue Reading…

Gary Blankenship, 45, St. Petersburg, Florida, was sentenced to eight months in federal prison for conspiracy to commit wire and bank fraud. He pleaded guilty on February 4, 2016.

According to his plea agreement, in 2005, entities controlled by co-conspirators entered into a contract to purchase The Arbors, an apartment complex in Hillsborough County, Florida. The new owners then engaged in a plan to convert the complex from rental apartments to condominium units.

Blankenship’s co-conspirator, Brendan Bolger, aided the developers in the sale of numerous condominium units through his company, Capital Management Guarantee, LLC. In order to induce buyers to purchase units, Bolger created an addendum to the purchase contract offering buyers various incentives, such as rental supplements, money to defray maintenance costs, and a design credit to upgrade the units’ amenities. When the buyers cancelled the design credit within 10 days of signing the addendum, Bolger paid them a kickback from his company’s bank account for the amount of the design credit. Blankenship’s role in the conspiracy as a realtor consisted of marketing The Arbors units by promising buyers undisclosed incentives. In this manner, Bolger, Blankenship and other co-conspirators failed to disclose material facts to buyers’ mortgage lenders about the financing of the condominium sales.

Blankenship was sentenced by U.S. District Judge James S. Moody. The case was investigated by the Federal Bureau of Investigation and the Federal Housing Finance Agency, Office of Inspector General. It was prosecuted by Special Assistant United States Attorney Chris Poor and Assistant United States Attorney Jay Hoffer.

Angel Garcia-Oliver, 49, Miami, Florida, pleaded guilty to conspiracy to commit bank and wire fraud.  He faces a maximum penalty of 30 years in federal prison.

According to the plea agreement, Garcia-Oliver was the principal of Garcia-Oliver & Mainieri, P.A., a law firm located in Coral Gables, Florida.  Tribute Residential, LLC, which was owned by a co-conspirator, owned and sold multiple communities.  Garcia-Oliver, or employees working at his direction, served as settlement agents and conducted dozens of real estate closings for condominium units owned by Tribute, including Cypress Pointe in Orlando, Florida and the Villas at Lakeside in Oviedo, Florida. Continue Reading…

Gary Bryan Penrod, 52, home builder, Greenwood, Missouri,  was charged in a 22-count indictment returned by a federal grand jury in Kansas City, Missouri,  in connection with a multi-million dollar mortgage fraud scheme.

The federal indictment alleges that Penrod, doing business as Penrod Homes, Inc., engaged in a scheme to defraud mortgage lenders from May 2005 to June 2007. Penrod and others allegedly recruited buyers to apply for mortgage loans to purchase dozens of homes in Greenwood, Missouri and Peculiar, Missouri. Continue Reading…

Ravindranauth “Ravi” Roopnarine, 56, Guyana, was convicted following a federal jury trial on charges stemming from his leadership and participation in an extensive mortgage fraud scheme.  Roopnarine was charged by indictment with conspiracy to commit wire fraud and mail fraud.  On Friday, March 11, 2016, a twelve-person jury convicted Roopnarine on all three counts, after a four day trial presided over by United States District Judge Jose E. Martinez.

According to publicly filed documents and statements made in court, on December 9, 2010, a Fort Pierce, Florida federal grand jury indicted Roopnarine, Gergawattie “Kamla” Seecharan, Bhaardwaj “Deo” Seecharan and Linda Rovetto for their participation in a mortgage fraud scheme.  Kamla Seecharan, Deo Seecharan and Rovetto previously pled guilty and were sentenced.  Roopnarine in mid-2015 waived extradition and returned from Trinidad and Tobago to the Southern District of Florida.  Continue Reading…

Alberic Okou Agodio, 31, Bethesda, Maryland, was sentenced to 61 months in prison followed by five years of supervised release for conspiracy, wire fraud, and aggravated identity theft, arising from a mortgage fraud scheme in which he used the names of immigrants and students, along with false financial information, to obtain $3.8 million in home mortgage loans to buy approximately three dozen row houses in Baltimore, Maryland, all but one of which are in default or foreclosure. U.S. District Judge James K. Bredar sentenced  also entered an order that Agodio pay restitution of $3,356,581.78.

According to his plea agreement, Agodio agreed to purchase row houses in Baltimore City, Maryland, from co-conspirator Kevin Campbell, 53, Baltimore, Maryland, who had acquired the houses as part of his real estate business.  Agodio purchased the houses at prices far in excess of their actual market value.  In return, Campbell kicked back a substantial portion of the purchase price to Agodio, which Agodio used to pay for the down payments and closing costs for most of the properties; to pay a commission to the straw purchasers whom he persuaded to allow him to use their names to purchase the properties; to pay referral fees to individuals who referred other straw purchasers to him; and to compensate himself for his participation in the scheme.  In all, from June 2009 to November 2010, Agodio purchased 35 row houses from Campbell.  The financing received on these transactions totaled approximately $3.8 million and Agodio received commission payments from Campbell in excess of $1.2 million. Continue Reading…

Minas Litos, 50, Saint John, Indiana; Adrian Tartareanu, 45, Saint John, Indiana; and Daniela Tartareanu, 44, Saint John, Indiana; were sentenced in federal court by Chief Judge Philip Simon  for conspiracy and wire fraud.

Litos entered a plea of guilty to one count of conspiracy and sixteen counts of wire fraud and was sentenced to 18 months imprisonment.  The Court will determine whether restitution should be imposed at a later date.

Adrian and Daniela Tartareanu were found guilty by a jury of one count of conspiracy and sixteen counts of wire fraud.  Adrian Tartareanu was sentenced to 36 months imprisonment.  His wife  Daniela Tartareanu was sentenced to 21 months imprisonment.

Minas Litos and Adrian Tartareanu owned Red Brick Investment Properties.  Daniela Tartareanu was the office manager.  They participated in an illegal scheme in which they convinced others to buy homes in Gary, Indiana.  To induce the individuals, the defendants told prospective buyers that they were not required to provide down payment funds, and that the rental income would cover the costs associated with owning rental property.  They concealed from the lenders and title companies that they paid the down payment money on behalf of the buyers.  They also paid kickbacks to the buyers.  The scheme lasted two years and involved 45 fraudulent transactions.    As a result, more than $2.5 million dollars was fraudulently obtained from the lenders with almost all the buyers subsequently defaulting on the loans.  Many of the properties are now vacant or considered a total loss by the lenders.

The sentence was announced by United States Attorney for the Northern District of Indiana, David Capp, and investigated by the Federal Bureau of Investigation.  The case was handled by Assistant United States Attorneys Gary T. Bell and Jill Koster.

Michael Barnett, real estate developer, pled guilty to conspiring to defraud lenders and make false statements to HUD in connection with his development of Vineyard Commons, a luxury residential complex in Ulster County, New York.

According to Barnett’s admissions in court during his plea allocution and the allegations made in the Superseding Indictment:

Barnett, who was the developer of Vineyard Commons, sought kickbacks and investments from subcontractors and vendors on the project and made false statements to the project’s lender so that he could draw down on the project’s line of credit. Barnett arranged with two executives of a vendor who provided rough carpentry and lumber supplies on the project (the “Lumber Company”) to have the Lumber Company pay Barnett a kickback in exchange for Barnett’s award to the Lumber Company of the Vineyard Commons contract, as well as future business on other developments Barnett was planning. To raise funds for the kickback, Barnett and the two Lumber Company executives agreed that the Lumber Company would inflate its bid for labor and materials by approximately $865,000. Continue Reading…

Anthony Salcedo, mortgage broker, 34, Fair Oaks, California, was sentenced to five years and four months in prison for a mortgage fraud scheme. Salcedo was found guilty by a federal jury of one count of conspiracy and four counts of mail fraud after a five-day trial in June 2015. Continue Reading…