David Saks: January 2015

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Newington Man Sentenced to 8+ Years in Prison for Mortgage Fraud

Newington Man Sentenced to More Than Eight

Years in Prison for Orchestrating Mortgage

Fraud Scheme

U.S. Attorney’s Office January 06, 2015
  • District of Connecticut (203) 821-3700

Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that


also known as Filip Milios, 56, of Newington, was sentenced today by U.S. District Judge Alvin W. Thompson in Hartford to 97 months of imprisonment, followed by five years of supervised release, for orchestrating a mortgage fraud scheme that involved dozens of Connecticut properties and resulted in nearly $5.7 million in losses to lenders.

According to court documents and statements made in court, from approximately June 2005 to July 2010, MILIOS and others conspired to defraud banks and mortgage lenders in obtaining dozens of mortgages for the sale of properties owned by MILIOS and others. The conspiracy involved the use of straw borrowers, false mortgage applications, false HUD-1 forms and fraudulent down payments in connection with the purchase of more than 50 houses primarily located in Hartford, New Haven and Middlesex counties.

As part of the scheme, MILIOS purchased properties, either in his own name, in a limited liability corporation in which he had an interest, or in the name of a co-conspirator. MILIOS and others then recruited borrowers to purchase these properties. Unbeknownst to the lenders who extended mortgages to the borrowers, MILIOS and his co-conspirators submitted fraudulent documents in connection with the loan applications, including false HUD-1 forms, employment verification letters and rental verification letters.

MILIOS also made the down payments on behalf of the borrowers who were recruited to purchase the properties. Attorney Gabriel Serrano, who served as a closing attorney for most of the fraudulent transactions, often released the seller’s proceeds checks from closing to MILIOS before receiving the down payment, and MILIOS used the seller’s proceeds checks to purchase the down payment check for the same transaction. MILIOS also failed to disclose to mortgage lenders that he paid money to borrowers, mortgage brokers, and recruiters.

MILIOS also engaged in a money laundering conspiracy with Serrano. The conspiracy involved Serrano’s disbursing the fraudulently-obtained loan proceeds to the private lenders who had loaned MILIOS money when he originally purchased the properties.

Lenders lost $5,692,813 as a result of this scheme.

MILIOS was originally charged by criminal complaint in January 2013 and has been detained since March 20, 2014, when his bond was revoked after he, while awaiting trial, made an attempt to flee the country on a shipping container vessel. On September 15, 2014, he pleaded guilty to one count of conspiracy to commit mail and bank fraud, and one count of conspiracy to commit money laundering.

MILIOS, who is a citizen of Greece, faces immigration proceedings when he is released from prison.

On August 6, 2013, Serrano also pleaded guilty to one count of conspiracy to commit mail and bank fraud, and one count of conspiracy to commit money laundering. Seven other co-conspirators involved in this scheme have also pleaded guilty. All await sentencing.

This case is being investigated by the U.S. Department of Housing and Urban Development—Office of Inspector General, the Internal Revenue Service—Criminal Investigation Division, the U.S. Postal Inspection Service and the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorneys David T. Huang and William J. Nardini.

This content has been reproduced from its original source.

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • January 07 2015 01:28PM
Newington Man Sentenced to 8+ Years in Prison for Mortgage Fraud
Newington Man Sentenced to More Than Eight Years in Prison for Orchestrating Mortgage Fraud Scheme U. S. Attorney’s Office January 06, 2015 District of Connecticut (203) 821-3700 .. more
Happy Birthday Elvis (January 8, 1935 - August 16, 1977)
Happy Birthday Elvis more
Mortgage Fraud Blog for January 7, 2015
Mortgage Fraud Blog sends me an update once per week. The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting www. mortgagefraudblog. com Rachel… more
Tuesday's Tune - "John Henry" Little Jimmy Dickens
Little Jimmy Dickens (December 19, 1920 – January 2, 2015) Left This World A Couple of Days Ago Here He Is For You To Remember Have A Great Day Ahead -David- … more
Midnight Melody - Frank Sinatra "A Nightingale Sang"
Music for the tired real estate agent. The Great Frank Sinatra "A Nightingale Sang In Berkeley Square" Be well, always. -David- more
Real Estate Fraud Report for January 5, 2015
real estate fraud: Mortgage Fraud Blog for December 31, 2014 - 12/30/14 10:43 PM Mortgage Fraud Blog sends me an update email once per week. The Mortgage Fraud Blog website is updated every business day and you can always… more
Real Estate Practice : Lesson 3895
Buyer signed a real estate contract and was able to arrange seller financing with no interest The amount of the loan was $216, 000 payable in monthly installments of $4500 a month. Since the payments don't include any interest,… more
Real Estate Practice : Lesson 3894
Here's an easy on efor you to consider. What would three month's interest be on a $59, 500 loan be with a 7& annual interest rate Take your time. The answer is posted below the wildlife photo. A. $1041. 25 … more
Real Estate Practice : Lesson 3893
The value of a home was estimated to be $144, 000 at the end of eight years. How much did the home cost new if the yearly rate of depreciation was 2. 5% Take your times. The answer is below the wildlife scene. A. $180… more
Real Estate Practice : Lesson 3892
A lot measuring 100 feet by 100 feet was assessed at 150 dollars a front foot by the county, and the home was assessed at $32, 000. What was the tax total for the year if the tax rate is 40 mills with no equalization factor The… more