4 Men Charged in Mortgage Fraud Scheme

admin —  December 23, 2009 — Leave a comment

Ahsan M. Moinuddin, 39, Moshin M. Moinuddin, 36, and Mubeen M. Moinuddin, 33, Glendale Heights, Illinois; along with a fourth man, Moises Aguilera, 40, Cicero, Illinois, have been charged with multiple counts of Wire Fraud and Identity Theft, both of which are felony offenses.

According to the indictment, the three Moinuddin brothers, who were employed as loan officers with First Choice Mortgage, a licensed mortgage broker located in Bloomingdale, Illinois, and Aguilera devised and participated in a scheme to defraud Argent Mortgage Company, a Rolling Meadows, Illinois based mortgage lender, out of nearly $1 million between 2004 and 2006. The indictment alleges that this fraud was accomplished by submitting loan applications containing materially false statements, which included false and stolen identities and the use of “straw buyers”.

The indictment also identifies three specific properties, all located in DuPage County, which were purchased by the Moinuddin’s under false pretenses and which subsequently went into default. The properties were listed as 2210 Concord Lane, Addison, Illinois and 1132 North Anvil CourtAddison, Illinois and 1174 Brighton Place, Glen Ellyn, Illinois.

The three Moinuddi brothers were all arrested, without incident, by FBI Special Agents and Investigators from the Inspector General’s Office at the Department of Housing and Urban Development (DHUD). Aguilera surrendered to FBI Agents.

All four defendants appeared in U.S. District Court in Chicago, before Magistrate Judge Michael Mason. All four defendants were released on bond, pending their next scheduled court appearance. If convicted of the charges filed against them, all four defendants face a possible sentence in excess of 100 years incarceration.

This case was investigated jointly by the Chicago FBI and Investigators from the DHUD. The charges announced today were the result of “Operation Mad House,” which is a long-term undercover investigation targeting mortgage fraud in the Chicago area.

The public is reminded that an indictment is not evidence of guilt and that all defendants in a criminal case are presumed innocent until proven guilty in a court of law.


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