Archives For Loan App. Misreps

Stephen T. Angerman, 48, Elgin, Illinois, pled guilty to bank fraud, money laundering, and testifying falsely in a bankruptcy case.

According to the written plea agreement, from December 2009 through March 31, 2010, Angerman schemed to fraudulently obtain a $510,000 loan from Alliant Credit Union and a $64,590 loan from Prairie Community Bank in order to purchase a home on Wrenwood Circle in Elgin.  Angerman admitted to making false statements on his loan application to Alliant about his employment, assets, and liabilities.  Further, Angerman admitted to submitting fictitious bank account statements, pay stubs, and a W-2 earnings form, and a fraudulent Certificate of Gift form to the credit union in support of his application.  Alliant issued the loan based upon Angerman’s representations.

Angerman admitted that in December 2009 and January 2010, he applied for and obtained a $64,590 loan from Prairie Community Bank by pledging a 2008 Chevrolet Corvette as collateral without disclosing that the Corvette was subject to a prior lien of approximately $40,000 held by another bank.

With regard to the money laundering charge, Angerman admitted that on March 23, 2010, he transferred most of the proceeds, $64,500, from his checking account at Allied Credit Union to an account in the name of a relative at a different bank in an attempt to conceal his bank fraud against Prairie Community Bank.

On January 3, 2011, Angerman filed for bankruptcy in Rockford, Illinois.  Angerman admitted that on February 7, 2011, he falsely testified under oath at a meeting of creditors by stating he did not own any real estate other than what he had listed in his bankruptcy schedules, and that he did not own a car, when in fact he owned the home on Wrenwood Circle in Elgin and the Corvette.

Angerman faces up to 30 years’ imprisonment for bank fraud, a fine of up to $1,000,000, and a term of supervised release of up to 5 years.  For money laundering, Angerman faces a sentence of up to 20 years’ imprisonment, a fine of up to $500,000, and a term of supervised release of not more than 3 years.  Angerman also is subject to a civil penalty of twice the value of the property involved in the transaction.  For falsely testifying in his bankruptcy case, Angerman faces up to 5 years in prison, a $250,000 fine, and supervised release of up to 3 years.  The judge must also order Angerman to pay restitution.  Sentencing is set for October 3, 2016, at 2:30 p.m.

The guilty plea was announced by Zachary T. Fardon, United States Attorney for the Northern District of Illinois; Michael J. Anderson, Special Agent-in-Charge of the Chicago Office of Federal Bureau of Investigation; and James D. Robnett, Special Agent-in-Charge of the Internal Revenue Service – Criminal Investigation Division in Chicago.

The government is represented by Assistant U.S. Attorney Joseph C. Pedersen.

David B. Pick, loan originator, 47, Bowie, Maryland, pleaded guilty to making false statements arising from a real estate closing.

Pick was a loan originator responsible for preparing loan applications, obtaining documentation to support the representations in loan applications, presenting loan applications to financial institutions for funding and working with financial institutions to close loans.

In 2005, Pick sought a $900,000 construction loan from a mortgage lender to purchase and construct a residence at 1206 Tilghmans Landing Way, Annapolis, Maryland.  The residence was to be constructed by Richland Homes, Inc., owned and operated by Timothy Ritchie, 44, Annapolis, Maryland .  Continue Reading…

Valeri Kalyuzhnyy, 44, Citrus Heights, California, was sentenced to 2 years in prison.

On June 25, 2015, Kalyuzhnyy pleaded guilty to making a false statement on a loan application. According to court documents, Kalyuzhnyy, while working as a mortgage broker, bought two homes using the credit information of a straw buyer. The loan applications that were used to secure the properties contained numerous false statements regarding the buyer’s intent to occupy the property, employer, occupation, and monthly income. In order to support the inflated monthly income listed on the loan application, fraudulent tax returns were submitted. On July 17, 2007, Kalyuzhnyy gave the straw buyer a check for $29,000.

United States District Judge Morrison C. England Jr. sentenced Kalyuzhnyy. The case was the product of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation. Assistant United States Attorney Jared C. Dolan prosecuted the case.

Erik Hermann Green, 33, Roseville, California was found guilty by a federal jury after a six- day trial of five counts of wire fraud in a mortgage fraud scheme involving fraudulent loan applications.

According to evidence presented at trial, Green was part of a large-scale mortgage fraud scheme to defraud the New Century Mortgage Company by submitting false documentation about employment, income and assets, including fraudulent loan applications and other altered bank documents. Around November of 2006, when Green submitted his fraudulent loan applications to obtain a loan for $820,000, he was a licensed real estate sales person and managed approximately 15 loan officers. As part of the scheme, Green received a check for $100,000 that was funneled through a shell company at the close of escrow. Green used the funds for personal expenses. Continue Reading…

Brenda Ann Blair, 37, loan officer, Bonita Springs, Florida, formerly of Goochland County, Virginia, was sentenced to 27 months in prison, followed by five years of supervised release for participating in a fraud scheme that obtained approximately $2.4 million worth of mortgage backed loans from federally backed financial institutions. Continue Reading…

Hector Hernandez, real estate developer and owner of a mortgage company, 57, Miami, Florida; Aleida Fontao, co-owner of a mortgage company, 62, Miami, Florida; and Olga Hernandez, senior mortgage underwriter, 58, Lake Mary, Florida, each pleaded guilty to conspiracy to commit wire fraud affecting a financial institution in connection with an FHA mortgage fraud scheme involving federally insured mortgages that caused losses of $64 million to the Federal Housing Administration (FHA).  Including these defendants, 25 individuals have pleaded guilty to offenses related to this scheme to date..  Hector and Olga Hernandez both pleaded guilty on July 13, 2015, while Fontao pleaded guilty on July 7, 2015.  As part of his plea, Hector Hernandez also agreed to forfeit $8 million, which amounts to his profits from the scheme.

Hector Hernandez’s mortgage company, Great Country Mortgage Bankers, specialized in mortgage loans that were insured by the FHA. Continue Reading…

Olga Palamarchuk, 45, Rancho Cordova, California; Pyotr Bondaruk, 44, Sacramento, California; Vera Zhiry, 35, Sacramento, California; and Peter Kuzmenko, 37, West Sacramento, California, were found guilty by a federal jury after a three week trial of conspiracy to commit mail fraud related to a mortgage fraud conspiracy. Palamarchuk and Bondaruk were also found guilty of making false statements to a financial institution and money laundering. Zhiry was also found guilty of money laundering.

According to evidence presented at trial, Palamarchuk, a loan officer at Capital Mortgage Lending Inc., recruited Bondaruk to purchase two houses using 100 percent financing and to refinance and obtain a home equity line of credit on one of the houses. In order to qualify for the loans, Palamarchuk and Bondaruk submitted fraudulent loan applications to lenders, falsely stating Bondaruk’s employment, income, assets, and intent to occupy the homes as his primary residence. Continue Reading…

Vince Manglardi, 59, real estate developer, Long Grove, Illinois; Theodore “TJ” Wojtas, Jr., 43, real estate developer, Glenview, Illinois; David W. Belconis, 56, attorney who owned and operated Classic Title, Inc., Long Grove, Illinois; Nunzio L. Greico, 63, Palatine, Illinois, who was formerly an employee of the developers; Walter Vali, also known as “Wally Mohammad” and “Mohammad Valimohammad,” 62, former mortgage loan originator, who did business as Sunshine Funding, Inc., Mundelein, Illinois; and Karin L. Ganswer, 62, former licensed real estate salesperson, Palatine, Illinois were indicted by an federal grand jury and charged with mail and wire fraud in connection with the marketing and sale of condominiums at a 50-acre development in Palatine, Illinois known as “The Woods at Countryside.”  They are alleged to have participated in a mortgage fraud scheme which caused more than $16 million in losses to banks, mortgage lenders, Fannie Mae, and Freddie Mac. Continue Reading…

Montgomery Joseph Isner, 47, Capital Heights, Maryland, was convicted of bank fraud in federal court for misrepresenting himself as the owner of a parcel of real property in Berkeley County, West Virginia, in order to fraudulently obtain a loan in the amount of $60,000.

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Brian W. Harrison, 56, Great Bend, Kansas, a former loan officer for a bank in Great Bend, was sentenced to six months in prison followed by six months home detention for bank fraud. Harrison falsified credit and loan applications, promissory notes and security agreements without proper authority.

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