Phoenix Family Members Sentenced in FNMA REO Fraud

Rachel Dollar —  September 8, 2017 — Leave a comment

Daphne Iatridis, 59, and her husband, Arthur Telles, 59, were each sentenced to 30 months in prison and ordered to forfeit 26 fraudulently purchased properties to the United States. Both had previously pleaded guilty to conspiracy to commit mail and wire fraud and tax evasion. The couple’s sons, Brendyn Iatridis and Spenser Iatridis, also pleaded guilty to related crimes and were sentenced to 10 months in prison and probation, respectively.

Between 2008 and 2012, the defendants engaged in an elaborate scheme to obtain more than 30 houses from the Federal National Mortgage Association (“FNMA”). Among other things, they stole others’ identities, used bogus trusts to buy the properties, and fraudulently notarized documents to facilitate the improper purchases. In addition, from at least 2010 through 2015, the defendants failed to pay taxes on their rental income from the fraudulently purchased properties.

Real estate professionals who lie and forge documents are a scourge to the industry,” stated Acting U.S. Attorney Elizabeth A. Strange. “Our office places a high priority on investigating and prosecuting real estate fraud, and we hope that the lengthy sentences imposed in this case will send a strong message that this type of dishonesty and misconduct will be punished severely.”

This case epitomized the greed that erodes confidence in the Realtor/Mortgage industry,” said Michael DeLeon, Special Agent in Charge of the FBI Phoenix Division. “I am pleased the defendants are now being held accountable for their crimes and that the majority of the fraudulently obtained properties will be forfeited.”

Senior U.S. District Judge Neil V. Wake handed down the sentences.  The investigation was conducted by the Federal Housing Finance Agency’s Office of Inspector General, the Internal Revenue Service-Criminal Investigation, and the Federal Bureau of Investigation. The prosecution was handled by Kevin M. Rapp and M. Bridget Minder, Assistant U.S. Attorneys, District of Arizona, Phoenix.

Be Sociable, Share!

Rachel Dollar

Posts Google+

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong> 

*