Loan Officer Wins Race To Prosecutor's Office In Equity Stripping Foreclosure Rescue Case; Cuts Deal w/ Feds, Will Sing Against Now-Former Associates

In Honolulu, Hawaii, the Honolulu Star Bulletin reports:

• A former loan officer with a local mortgage brokerage company is cooperating with the government in its prosecution of his former boss. Vance Yukio Inouye, 31, pleaded guilty yesterday in federal court to one count each of wire fraud and conspiring to make false statements on loan applications and commit wire and mail fraud.

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• Inouye pleaded guilty as part of a plea deal with the government. The agreement requires him to pay restitution and testify for the prosecution against other defendants. In exchange, the government promises not to prosecute him for various other crimes and to recommend a sentence lighter than what he would qualify for. In U.S. District Court, in front of U.S. Magistrate Judge Barry Kurren, Inouye said, "John Dimitrion approached me with a foreclosure bailout deal I thought was legitimate."

• Dimitrion is the owner and principal broker of Mortgage Alliance. A federal grand jury returned an indictment last month charging him, his wife, Julie Ann Baldueza Dimitrion, and employees Rick Kealoha Pa Jr. and Benjamin Yoshito Thompson with mortgage fraud crimes involving three homes. Their trial is scheduled for next month.

For more, see Former mortgage officer pleads guilty, makes deal.

To view the indictment, see U.S. v. Dimitrion, et al.

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