Monday, October 12, 2009
Mortgage Broker Sentenced to 20 Months
Hassan Nagi, 31, Dearborn, Michigan, a mortgage broker, was sentenced to 20 months' imprisonment in connection with a multi-million dollar mortgage fraud scheme. Nagi was also ordered to pay restitution in the amount of $1 million dollars.pled guilty to conspiracy to commit bank fraud on December 15, 2008 before U.S. District Judge George Caram Steeh. Nagi admitted that from April 2005 to April 2008, while working as a loan officer at Superior Mortgage, Premier Mortgage Funding, and First Mortgage, he defrauded a half-dozen financial institutions in a 16-property, $1.9 million fraud scheme carried out in Detroit, Dearborn, and Dearborn Heights, Michigan. Nagi secured financing from various banks-including Countrywide Financial, Washington Mutual, Fifth Third Bank, and IndyMac-for "straw buyers" using inflated appraisals (prepared by co-defendant Ali Haidous) and falsified income documents. Nagi then split the proceeds of the fraud with his co-defendants when the mortgages were abandoned.
United States Attorney Terrence Berg announced the sentencing. Berg was joined in the announcement by Andrew G. Arena, Special Agent-In-Charge of the Federal Bureau of Investigation in Detroit.
US Attorney Berg stated, "The current economic environment demands vigorous enforcement and stiff punishment against those who obtain mortgages under false pretenses and thereby increase the cost of home ownership for all Americans. These are not victimless crimes and we will work tirelessly to ensure that those who commit fraud are brought to justice."
Co-defendant Ali Haidous, 25, Dearborn, was sentenced to one-year imprisonment on March 17, 2009. Two other defendants, Safi Bzeih, 35, and Maria Linares, 32, both of Dearborn, await sentencing on October 26. Hussein Aoun, 23, also of Dearborn Heights, is a fugitive believed to be in Lebanon. No trial date has been set.
The case is being prosecuted by Assistant U.S. Attorney Leonid Feller.
mortgage fraud
Mr. Hassan Nagi should have not pled guilty and took the blame for everyone! There many others involved in these transactions. Most of these plea bargains are done out of fear and intimidations! Everyone (the wall street banking group) knew what was going on. They encourage these type of staw purchaes!!!! They are now making a mockery of our federal legal system. These criminals are not victims! IT IS IMPOSSIBLE FOR THE BANKING INSTITUTIONS NOT TO KNOW!!! THEY CREATED THESE TYPES OF CRIMINAL/FRAUDELENT LOAN PROGRAMS. OUR GOVERNMENT IS GIVING THEM A FREE PASS.
Posted by on 10/12 at 09:42 AM
Oh, don’t I know. I was in broker’s offices when the bank’s account reps would come in with huge baskets of goodies shouting “Bring me loans, bring me loans, any loans, we’ll make ‘em work”
Posted by on 10/12 at 11:19 AM
I think the individuals themselves know the difference between right and wrong and choose to become greedy and deceive to benefit and profit for themselves on the hard work of others.
Posted by on 10/14 at 04:35 AM
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
