Matthew Amato, 31, Philadelphia, Pennsylvania, was charged in an criminal Information with one count of making false statements to banks. Amato allegedly made false claims to influence lenders to approve his loan application.
Jacqueline Polverari, 47, Branford, Connecticut, was sentenced by U.S. District Judge Janet Bond Arterton in New Haven to 12 months and one day of imprisonment, followed by three years of supervised release, for arranging a series of fraudulent mortgage loan refinancing transactions.
Armando Granillo, 45, Huntington Beach, California, a former sales associate with the Federal National Mortgage Association (Fannie Mae), was sentenced to 15 months in federal prison for taking kickbacks from a real estate broker who sold properties on behalf of the mortgage agency.
Shola Risikat Balogun, 48, Upper Marlboro, Maryland, was sentenced by U.S. District Judge Peter J. Messitte to 37 months in prison followed by three years of supervised release for conspiring to commit wire fraud in connection with a mortgage fraud scheme that she organized and managed, which resulted in over $1.352 million of actual losses to mortgage lenders.
Six defendants are facing federal fraud charges involving separate schemes to obtain a total of more than $2.7 million through fraudulent statements in loan applications submitted to banks and mortgage lenders, among other institutions.
James Monahan, 44, New York, New York, owner of real estate investment company Panam Management Group, Inc., and a former sergeant in the New York City Police Department, was sentenced to 58 months in prison for obtaining approximately $4.7 million from investors for a real estate development project he claimed to be constructing and then misappropriated those funds. The real estate project was never developed and investors lost all of their money.
Eric Gagnepain, 41, Nixa, Missouri, co-owner of Greenleaf Companies has been sentenced in federal court for aiding and abetting a bank fraud conspiracy involving the creation and submission of fraudulent loan applications that was part of a multi-million-dollar mortgage investment scheme.
Salmaan Siddiqui, a former Vice President in the Investment Banking Division of Credit Suisse Group, was sentenced to time served in connection with a scheme to hide more than $100 million in losses in a mortgage-backed securities trading book at Credit Suisse.
Linda Yarleque, 44, and Fabio Moreno Vargas, 47, Bergen County, New Jersey, husband and wife, were both sentenced to prison for lying about their employment, income, and other financial information in order to fraudulently obtain millions in mortgages.
Din Chaney, 36, and Lisa Lipton, 50, the final two defendants charged for their roles in a multi-million dollar mortgage fraud scheme operating in the Houston, Texas area have been ordered to prison.