Susan Levy, 70, a real estate agent, and her daughter, Risa Levy, 44, both of Tucson, Arizona, were sentenced on February 28, 2012, by U.S. District Court Judge David C. Bury on mortgage fraud related charges.
Susan Levy had previously pleaded guilty to one count in each of two separate indictments to charges of wire fraud and false statement to obtain a Department of Housing and Urban Development (HUD) insured mortgage loan, both felonies. Susan Levy was sentenced to eight months in prison and was ordered to pay over $700,000 in restitution. Risa Levy had previously pleaded guilty to knowingly making a false statement to HUD, a misdemeanor. Risa Levy was sentenced to a three-year term of probation and was ordered to pay approximately $83,441 in restitution.
According to Susan Levy‘s plea agreement to the wire fraud charge, she made false statements to qualify for two loans to purchase a Tucson, Arizona, property, which subsequently went into foreclosure. In connection with receiving these loans, Susan Levy admitted that she caused to be submitted a fraudulent rental agreement that demonstrated she was receiving rental income when, in fact, she was not receiving rental income.
In a separate plea agreement, Susan Levy also admitted her involvement in fraudulently obtaining a separate HUD insured mortgage loan on behalf of her daughter, Risa Levy. In connection with that mortgage, Susan Levy admitted she caused to be submitted a fraudulent pay stub reflecting that her daughter, the loan applicant, was employed when, in fact, she was not employed at the time.
Risa Levy, the loan applicant on the HUD insured mortgage, admitted in her plea agreement that to obtain financing she signed the loan application, which stated that she was employed and was earning $2,340 per month, although she was not employed at the time. This property also went into foreclosure.
The investigation of the wire fraud case against Susan Levy was conducted by the Federal Bureau of Investigation. The investigation of the case against both Susan and Risa Levy was conducted by the Department of Housing and Urban Development-Office of Inspector General. The prosecution is being handled by Assistant U.S. Attorney Jonathan Granoff with the U.S. Attorney’s Office, District of Arizona, Tucson.