Eric Jason Sunsdahl, 34, Rosemount, Minnesota, was sentenced in federal court in connection with a scheme to obtain mortgages and funds fraudulently from a bank in Inver Grove Heights, Minnesota. Sunsdahl was sentenced to 24 months in prison on one count of bank fraud. He was indicted on April 21, 2009, and pleaded guilty on September 9, 2009.
As previously reported on Mortgage Fraud Blog, in the plea agreement, Sunsdahl admitted that on April 29, 2005, he caused Bremer Bank to create a home equity line of credit in the amount of $100,000 based on a fraudulent loan application. His scheme to defraud Bremer Bank, however, spanned from 2004 through 2007 and included $726,210 in loan proceeds.
During that time, Sunsdahl was employed as a personal banker at Bremer’s Inver Grove Heights, Minnesota, branch office, where he was entrusted to originate and administer consumer loans. In that capacity, he caused fraudulent loan application documentation to be provided to Bremer underwriters. Those documents, which misrepresented the true financial conditions of the applicants by overstating income, falsely verifying deposits, and concealing marital status, caused the proposed loans to be approved.
Sunsdahl then worked with John M. Rubischko, an independent mortgage broker, to disburse the loan proceeds in a manner contrary to what was understood by Bremer Bank. For example, payments made to Sunsdahl from those funds were concealed from the bank. In addition, Sunsdahl received money from Rubischko for arranging the fraudulent transactions. In a separate action, Rubischko, 37, of Eagan, Minnesota was sentenced on January 28, 2009, to 87 months in federal prison on one count of wire fraud and one count of aggravated identity theft. Rubischko owned and operated numerous licensed mortgage broker businesses, including Family First Mortgage, All Fund Mortgage, and MortgageBanc.us.
This case was the result of an investigation by the U.S. Postal Inspection Service and the Minneapolis Police Department’s Fraud and Forgery Unit. It was prosecuted by Assistant U.S. Attorney Ann M. Anaya.