Johnson Olawoyin, Maryland, pleaded guilty to three criminal charges in a mortgage fraud case: theft, operating as a mortgage lender without a license and violating the Maryland Mortgage Lender Law and Credit Services Businesses Act.
In July 2009, the Office of the Commissioner initiated an investigation in response to a referral from a consumer. The investigation revealed that Olawoyin was attempting to originate mortgages without a license and accepting money from applicants to improve their credit scores, in violation of the Credit Services Business Act.
The plea agreement calls for an 11-month suspended sentence, 364 days supervised probation and restitution of $42,000 to three victims, of which $20,000 is due at sentencing. Sentencing is scheduled for July 15, 2010.
Alexander M. Sanchez, Secretary of Labor, Licensing and Regulation, and Glenn F. Ivey, Prince George’s County State’s Attorney made the announcement. The case was investigated by DLLR’s Office of the Commissioner of Financial Regulation.
“Addressing mortgage fraud is a top priority at DLLR. We appreciate the quick action of the Prince George’s State’s Attorney’s Mortgage Foreclosure Fraud Division and Detective Coulter of the Prince George’s County Police Department in working with us to follow up on our investigation and achieve this result for Maryland consumers,” Secretary Sanchez said.
“Mortgage fraud is a serious problem with detrimental consequences to all Marylanders. Stealing the American dream from Prince George’s consumers will not be tolerated. Through excellent inter-agency cooperation we were able to hold Mr. Olawoyin accountable for his actions,” State’s Attorney Ivey said.
The investigation results were provided to the Prince George’s State’s Attorney in October 2009 and initial charges were filed the same month.