Detroit Man Cops Fraud Plea; Lenders Out $21.7 Million

Kalil Khalil of Dearborn, Michigan pleaded guilty in a Michigan Federal Court earlier this week to one count of wire fraud in connection with a scheme to defraud mortgage lenders out approximately $21.7 million. Tariq Hamad, a Khalil associate, pleaded guilty before the same Federal judge to the same wire fraud scheme back in December.

The loan packages submitted to banks were fraudulent in one or more of the following ways:

• loan purpose was not to buy or refinance a residence; borrower described on application was not the true borrower; false description of borrower's employment; bogus documents used to prove borrwers' employment; inflated and forged appraisals; property title not free and clear, use of straw title company purporting to insure clear title; photographs included in loan package were not of the subject property.

For more, see the U.S Attorney Press Release, Dearborn Man Pleads Guilty In $20 Million Mortgage Fraud.
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