Archives For mortgage broker

Sultana Siddiqui, a/k/a Sultana Ahmad, 56, North Potomac, Maryland, was sentenced to two years in federal prison, followed by three years of supervised release, for conspiring to commit wire and mail fraud arising from an investment fraud scheme.

Siddiqui was sentenced by U.S. District Judge Theodore D. Chuang who also entered an order requiring Siddiqui to forfeit $405,000, and pay restitution of $402,800, the loss resulting from the scheme minus $2,200 in “lulling payments” paid to two of the victims in order to prevent them from going to authorities.  Judge Chuang ordered that Siddiqui be immediately taken into custody after finding that she violated the conditions of her pretrial release by visiting the victims over the weekend before sentencing.

According to her guilty plea, Siddiqui was a mortgage broker who falsely represented to individual victims that co-conspirator Alexander Matthews , 50, Dunn Loring, Virginia, was an investor or developer who could secure substantial returns on the victims’ investments in a short time period. Siddiqui solicited investments from each of the victims, vouched for Matthews’s trustworthiness and business acumen, and received money from the victims. She deposited most of the money from the victims into her personal bank account. Then she and/or Matthews provided each victim with a post-dated check in the amount of the victim’s investment plus the promised return. None of the post-dated checks were negotiable on the promised return date. After the victims discovered that the post-dated checks were not negotiable, Siddiqui and/or Matthews sent lulling payments and/or email communications to the victims.

For example, in 2008, a real estate agent and her husband agreed to invest $300,000, drawn on their home equity line of credit, to renovate a home in Clifton, Virginia, which Siddiqui and Matthews claimed was to be leased by the FBI.  Siddiqui, however, deposited the money in her personal bank account, and no lease agreement existed with the FBI.  Siddiqui and Matthews used the money for their own benefit, providing only a small number of lulling payments to the victims.

In November 2010, at Siddiqui’s urging, another victim agreed to invest $50,000 with Matthews and give Siddiqui a $5,000 personal loan. In return, Siddiqui gave the victim a promissory note for the investment signed by Matthews, and two post-dated checks: one for $6,000 from a bank account held by Siddiqui; and one for $60,000 from an account held by Matthews. When the victim attempted to cash the checks, a bank official told her they were not negotiable.  Siddiqui sent several lulling emails to the victim, claiming that she would be repaid, but the victim has not received any payment.

Siddiqui and Matthews defrauded the victims of approximately $355,000.

Siddiqui admitted to defrauding another individual of $50,000 in a transaction in 2014.

Matthews pled guilty in 2011 in federal court in the Eastern District of Virginia to his participation in the conspiracy and was sentenced to 10 years in prison.

The sentence was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge Kevin Perkins of the Federal Bureau of Investigation, Baltimore Field Office; Deputy Inspector General for Investigations Rene Febles of the Federal Housing Finance Agency Office of Inspector General; and Montgomery County State’s Attorney John McCarthy.

United States Attorney Rod J. Rosenstein commended the FBI, Federal Housing Finance Agency Office of Inspector General, and Montgomery County State’s Attorney’s Office for their work in the investigation and thanked Assistant U.S. Attorney Ray D. McKenzie, who prosecuted the case.




Michael Pampalone, former mortgage broker, 32, Elizabeth, New Jersey, was arraigned on an indictment charging him with two counts of wire fraud.

The indictment alleges that Pampalone stole $132,450 from an East Greenbush, New York, man who hired Pampalone to help him obtain a mortgage.  According to the indictment, Pampalone instructed the victim to wire funds to a New Jersey bank account, and then, after the wires were completed, stole the money.

Pampalone faces up to 20 years of imprisonment and a $250,000 fine, if convicted.  Pampalone, who was indicted on December 23, 2015, was arraigned on January 4, 2016 before Magistrate Judge Daniel J. Stewart.  He was released on a bond pending a trial scheduled for March 7, 2016 before District Judge Mae A. D’Agostino.

The announcement was made by United States Attorney Richard S. Hartunian, New York State Police Superintendent Joseph A. D’Amico, and Shelly A. Binkowski, Inspector in Charge, United States Postal Inspection Service, Boston Division.

This case is being investigated by the New York State Police and the United States Postal Inspection Service, and is being prosecuted by Assistant United States Attorney Wayne A. Myers.

Michael P. O’Donnell, mortgage broker, 54, Middleton, Massachusetts, was sentenced by U.S. District Judge Douglas P. Woodlock to three years in prison, two years of supervised release and ordered to pay a fine of $150,000 in connection with his role in 20 fraudulent loan transactions in the North Shore area of Massachusetts.  In July 2015, O’Donnell was convicted following a three-day bench trial of attempted bank fraud. Continue Reading…

Edward Khalfin, 58, San Mateo, California was found guilty by a federal jury of 12 counts of mail fraud and 11 counts of making false statements on loan applications. Robin Dimiceli, 53, Brentwood, California was found guilty by a federal jury of six counts of mail fraud and six counts of making false statements on loan applications.  The convictions arise out of a builder bailout scheme that provided financial incentives to straw buyers to get them to purchase homes that developers were having difficulty selling

According to court documents, from August 2006 through May 2008, two brothers, Volodymyr Dubinsky, 56, formerly of Folsom, California, and Leonid Doubinski, 50, formerly of Copperopolis, California, built, developed, and sold real estate in Carmichael, California, Sacramento, California, and Copperopolis, California. As the real estate market declined, the brothers recruited family members, employees, and associates with good credit to act as straw buyers for residential properties. The Dubinsky brothers have not been apprehended and are fugitives thought to be residing in Ukraine. 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…

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.

Michael P. O’Donnell, 53, mortgage broker, Middleton, Massachusetts was convicted of one count of bank fraud after a three-day bench trial before the Honorable Douglas P. Woodlock, United States District Judge.  Judge Woodlock scheduled sentencing for October 20, 2015. 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…