Ex-loan Officer Sentenced to 15 Months for Fraud

Allison Tussey —  April 8, 2011 — Leave a comment

Edivaldo dos Santos, 53, a loan officer, was sentenced to 15 months in prison for his role in a mortgage fraud scheme. 

As previously reported by Mortgage Fraud Blog, dos Santos pleaded guilty in November 2010 to wire fraud conspiracy for his role in the use of false documents to secure a fraudulent mortgage loan.

In addition to the prison term, dos Santos will face two years of supervised release.

Dos Santos was originally charged in June 2010 as part of a coordinated mortgage fraud takedown in which 28 defendants were charged for their alleged roles in various mortgage fraud schemes in northern New Jersey.

According to documents filed in this case and statements made during the defendants’ guilty plea proceedings, dos Santos was a former loan officer holding himself out as a mortgage consultant; Rosa Damasceno was the owner of a Newark-based company that provided tax services and driver education in Belleville, N.J.

In August 2009, dos Santos asked a loan officer at a New Jersey mortgage company to act as a loan officer on a real estate transaction in which a client would buy a property and then receive money back from the seller at closing. The prospective purchaser was not qualified to obtain the loan, so dos Santos and others provided falsely inflated income information in support of his application. Damasceno created fraudulent W-2 forms in furtherance of the fraud. 

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Allison Tussey

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