N. Virginia Man Cops Plea In Fraud Case; Allegedly Pocketed Refinancing Proceeds Intended To Pay Off Existing Liens, Sold Same Loans Multiple Times

From the U.S. Attorney's Office (Eastern District - Virginia):

• Vijay K. Taneja, age 47, of Fairfax, Virginia, pleaded guilty to one count of conspiracy to commit money laundering in connection with a mortgage fraud scheme involving his company, Financial Mortgage, Inc., (“FMI”), which originated and sold mortgages on residential properties in the Washington, D.C., metropolitan area.

According to the press release, the allegations against Taneja contained in court documents supporting the guilty plea include:

1. creating fictitious loans with bogus loan closings,
2. selling the same legitimate loan to multiple investors, and
3. pocketing the proceeds generated from refinancing loans, when the bulk of those proceeds were intended to payoff prior mortgages on the same properties.

Court documents also state that for at least part of the scheme, Taneja conspired with the owner of TitlePro, a now-defunct Fairfax, Virginia title company, the press release states.

For the U.S. Attorney's press release, see Fairfax Man Pleaded Guilty in $33 Million Mortgage Fraud Case.

Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds. sneaky slick escrow agents gamma