David Saks: WOMAN SENTENCED TO 18 MONTHS IN PRISON FOR MORTGAGE FRAUD CONSPIRACY

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

WOMAN SENTENCED TO 18 MONTHS IN PRISON FOR MORTGAGE FRAUD CONSPIRACY

Woman Sentenced for Mortgage Fraud Conspiracy

Deborah Kitay, 53, Leetsdale, Pennsylvania, was sentenced by United States District Judge Joy Flowers Conti to 18 months in prison for her participation in a mortgage fraud conspiracy. The Defendant was also sentenced to and three years of supervised release on her convictions for failing to file her income tax returns and wire fraud conspiracy.

According to information presented to the court, Kitay participated in a mortgage fraud conspiracy in which she and other members of the conspiracy submitted false loan applications to lending institutions that overstated the borrowers' income and assets, among other misrepresentations. 

In addition, as part of the conspiracy, fraudulent appraisals were submitted to the lending institutions as well as fraudulent settlement statements that falsely represented how the proceeds of the loan were to be distributed

Kitay also used the money from the fraud scheme to support her lifestyle and the lifestyles of other members of the conspiracy, but failed to file income tax returns reporting as income her illegally obtained earnings.

Among the properties involved were expensive residences in Sewickley and Fox Chapel, Pennsylvania, including the home in which the defendant lived during the course of the conspiracy.

United States Attorney David J. Hickton announced the sentence.

Assistant United States Attorney Brendan T. Conway prosecuted this case on behalf of the government.

U.S. Attorney Hickton commended the Mortgage Fraud Task Force for the investigation leading to the successful prosecution of Kitay. The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry.  Federal law enforcement agencies participating in the Mortgage Task Force include the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigation; the United States Department of Housing and Urban Development, Office of Inspector General; the United States Postal Inspection Service; and the United States Secret Service.  Other Mortgage Fraud Task Force members include the Allegheny County Sheriff's Office; the Pennsylvania Attorney General's Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee's Office.

Courtesy Mortgage Fraud Blog




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Comment balloon 2 commentsDavid Saks • October 19 2011 01:43AM

Comments

These are just sad things to see, hopefully this is the end of it.

Posted by MichelleCherie Carr Crowe Just Call...408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) over 8 years ago

Fraud is never easy to deal with when it's discovered. It's been easy for many criminals to carry out while we've been at war, But it'll be harder for them while their in prison, Michelle. They're not people I would like to associate or do business with in this new age, nor remember for any other reason than to know that hell on earth is real.

Posted by David Saks ((retired)) over 8 years ago

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