Broker Admits Role in Mortgage Fraud Ring

admin —  January 18, 2010 — 2 Comments

Samuel Jean-Louis, 25, Florida, pled guilty for his role in a large-scale mortgage fraud conspiracy. Jean-Louis pled to one count of conspiracy to commit wire fraud and eleven counts of wire fraud.

At the plea hearing, the prosecutor told the Court that had the case proceeded to trial the Government’s evidence would have proven that in or about 2005 and 2006, Jean- Louis participated with others in a conspiracy to defraud mortgage lenders in connection with certain property transactions in and around the Boston, Massachusetts area.

As previously reported on Mortgage Fraud Blog, Jean-Louis acted as a mortgage broker and recruiter in the underlying scheme to defraud. Specifically, Jean-Louis prepared several mortgage loan applications containing false representations for certain property transactions and caused these applications to be submitted to mortgage lenders. As a result, the mortgage lenders wired funds, via interstate wire, to a bank account of a Boston, Massachusetts attorney responsible for closing the loans. Jean-Louis also recruited a straw borrower for a fraudulent loan application on another property transaction during the course of the conspiracy.

U.S. District Judge George A. O’Toole, Jr. scheduled sentencing for June 29, 2010. Jean-Louis faces up to 5 years imprisonment, to be followed by 3 years of supervised release and a $ 250,000 fine on the conspiracy count, and 20 years imprisonment, to be followed by up to 3 years of supervised release and up to a $250,000 fine on each count of wire fraud.

The announcement was made by United States Attorney Carmen M. Ortiz, Warren T. Bamford, Special Agent in Charge of the Federal Bureau of Investigation – Boston Field Division, Susan Dukes, Special Agent in Charge of the Internal Revenue Service, Criminal Investigations – Boston Field Office, Randy Miskanic, Inspector in Charge of the U.S. Postal Inspection Service and Boston Police Commissioner Edward Davis.

The case was investigated by the Federal Bureau of Investigation, Internal Revenue Service and United States Postal Inspection Service, with assistance from the Boston Police Department. It is being prosecuted by Assistant U.S. Attorneys Victor A. Wild and Ryan M. DiSantis of Ortiz’s Economic Crimes Unit and Assistant U.S. Attorney Mary Murrane of Ortiz’s Asset Forfeiture Unit.

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2 responses to Broker Admits Role in Mortgage Fraud Ring

  1. I have noticed a huge disparity of cases tried and convicted in all states, except for one of the worst real estate laden one in America- Illinois. There is definitely a conspiracy going on there that somehow does not allow the FBI or any governing agency to do a single thing to fraudsters. The IL Attorney General, Lisa Madigan, is probably tied into this scam all the way from the top and her business dealings henceforth from the corruption and scandals her father is. I believe that people there have a license to steal that is unparalleled in modern history. I know of at least 5 individuals who have not only gotten away with dozens upon dozens of reckless fraud which has damaged the lives of many disadvantaged people in the past. A ChiTribune reporter had an excellent story going regarding this crime and from my interviews with him, when he was getting very close to breaking the whole reality of the extent of the damage and crimes committed on some disadvantaged people of IL he was told by newspaper big wigs to ‘stop immediately.’ The story was worthy of a pulitzer prize if he had continued but the level of condemnation would have undoubtedly raised huge warning flags for the real estate industry as a whole, the media and its lack of concern, the FBI and ultimately HUD itself. He went on to find that HUD actually sanctioned and qualified landlords who were criminals who were in turn flipping houses while HUD tenants lived in them and were being forcibly evicted and the thieves were collecting HUD rental checks while they no longer legally owned these properties. The duped, paid off, straw buyers were left holding the bag and fined for extensive code violations for no heat, no running water, etc.. while the fraudsters collected rent from the tenants and HUD and raped the contracts with fictitious appraisals and monies inside the contracts they would appoint to 3rd party bogus companies they made up. One individual, a continued street gang leader named, Julio Vargas, continues this and other practices of swindling the helpless under the non involved and well informed watchful eye of the FBI and HUD to this day. America is corrupt but Illinois is the worst for this crime. Undoubtedly, Lisa Madigan is either paid off or a part of this crime because no attorney general with a clear conscience would sit back and let criminals run amuch in their district without doing something. Oh well, what do I know… I’m just a hitman with a gun and no concern for the welfare of bad people but there is plenty of money to make burying bad guys. BANG BANG!

  2. Apparently my grammar and spelling fly out the window when I’m excited about a topic as well! ๐Ÿ™‚

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