Kenneth A. White, 43, has been indicted on charges of wire fraud, bank fraud and conspiracy. White is being held in federal custody.
The indictment alleges that from about October 2004 through December 2006, Douglas Punchak and others acted as “straw buyers” (an individual who purchases a property with no intent of ever making the property his primary residence) on behalf of White on three real estate transactions and two vehicle leases.
The indictment alleges that at the direction of White, Punchak and others made false representations as to their employment status and income on mortgage and lease applications and in some cases provided fictitious financial documents to the financial institutions. The indictment further alleges that the defendant did all of this in order to deceive and defraud Countrywide Home Loans, Argent Mortgage Company, Wells Fargo Bank, and Sovereign Bank into funding the mortgage loans and vehicle leases.
If convicted, the defendant’s sentence will be determined by the Court after review of factors unique to this case, including the defendant’s prior criminal record, if any, his role in the offense, and the characteristics of the violation. In all cases the sentences will not exceed the statutory maximum and in most cases it will be less than the maximum.
Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, announced the indictment.
This case is being prosecuted by Assistant United States Attorney Vasile C. Katsaros, following an investigation by the United States Postal Inspection Service.
An indictment is only a charge and is not evidence of guilt. The Defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.