Loan Broker Pleads Guilty to Multiple Fraud Charges

Allison Tussey —  August 18, 2009 — 1 Comment

Hayung Peter Jin, 46, Centerville, Virginia, pleaded guilty to multiple fraud charges before United States District Judge James C. Cacheris.

Jin was indicted on June 11, 2009, on multiple fraud charges, including aggravated identity theft. Sentencing has been set for Nov. 13, 2009. Jin faces a maximum penalty of 30 years in prison.

In a statement of facts filed with his plea agreement, Jin admitted that he operated a loan brokerage business, known as Business Capital and Investments, Inc., located in Annandale, Virginia, that served primarily Korean Americans in the Washington metropolitan area. According to the statement of facts, Jin was involved in two separate fraud schemes. In October 2005, Jin convinced a former client to sell his Loudoun County, Virginia home to another person, a South Carolina businessman named Han, when in fact Han had never agreed to purchase the home. Jin then used Han‘s name and social security number to obtain financing for the apparent purchase of the home, plus additional home equity loans on the home in the name of Han. The total amount of fraudulently obtained financing was $620,000.

In connection with the second scheme, in January 2007 Jin convinced a local business woman that he had obtained four borrowers who wanted to borrow funds from her in the total amount of $360,000, when in fact the alleged borrowers had never agreed to such an arrangement. Jin forged four promissory notes and gave them to the business woman in order to induce her to transfer the $360,000 to him, with the intent that he (Jin) would transfer the funds to the four “borrowers.” In reality Jin kept the funds for himself.

Dana J. Boente, United States Attorney for the Eastern District of Virginia, and Joseph Persichini, Jr., Assistant Director in Charge of the FBI Washington Field Office, made the announcement. This case was investigated by the FBI’s Washington Field Office. Assistant United States Attorney Stephen P. Learned prosecuted the case on behalf of the United States.

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Allison Tussey

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One response to Loan Broker Pleads Guilty to Multiple Fraud Charges

  1. ca.voyagehomeloans.sac August 19, 2009 at 9:39 pm

    It is sad to hear things like this still go on in the mortgage business. As a fellow loan officer I find this information very interesting and helpful thank you for posting it.

    AJ Jackson
    Voyage Homeloans

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