Upstate NY Feds Get Guilty Pleas From Two In Flipping Scam; 54 Deals Involved
The Albany Business Review reports that Matthew Kupic and Francis Disonell, both of Clifton Park, New York and owners of Team Title Abstractors and Real Estate Consultants, have pleaded guilty in Federal Court to bank fraud and income tax evasion for their roles in a mortgage fraud scam. Reportedly, the two men have agreed to forfeit $600,000 each, according to U.S. Attorney Glenn Suddaby.
The scam appears to be the typical, standard, run-of-the mill mortgage fraud operation that scam artists are getting nailed for all over the country (ie. excessive mortgages for residential properties, use of phony loan applications, sales contracts, settlement statements and other documents, flipping, use of straw buyers who apparently were left "holding the bag", diversion of funds for personal use, etc.).
The two men reportedly diverted $1.9 million to themselves and others out of a total of approximately $3.6 million in fraudulently obtained mortgage proceeds in 54 real estate deals; most of the properties involved soon ended in foreclosure.
For more, see Guilty pleas in mortgage fraud case.
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The scam appears to be the typical, standard, run-of-the mill mortgage fraud operation that scam artists are getting nailed for all over the country (ie. excessive mortgages for residential properties, use of phony loan applications, sales contracts, settlement statements and other documents, flipping, use of straw buyers who apparently were left "holding the bag", diversion of funds for personal use, etc.).
The two men reportedly diverted $1.9 million to themselves and others out of a total of approximately $3.6 million in fraudulently obtained mortgage proceeds in 54 real estate deals; most of the properties involved soon ended in foreclosure.
For more, see Guilty pleas in mortgage fraud case.
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posted by Home Equity Theft Reporter at 12:03 AM
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