David Saks: LOAN OFFICER INDICTED FOR MORTGAGE FRAUD SCHEME

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

LOAN OFFICER INDICTED FOR MORTGAGE FRAUD SCHEME

Tucson Loan Officer Indicted in Mortgage Fraud Scheme

U.S. Attorney’s Office November 15, 2011
  • District of Arizona (602) 514-7500
 
TUCSON, AZ—A federal grand jury in Tucson returned an indictment against Juan Delgado of Tucson, Ariz., charging the defendant with four counts of wire fraud.

According to the indictment, Delgado received over $1 million in loans relating to the refinancing of three separate Tucson properties from March 2006 through July 2007.

In obtaining these loans, Delgado submitted loan applications that contained material false information including falsely inflating his income and/or failing to disclose a liability. At the time of these loan transactions, Delgado was a loan officer. Each of the properties specified in the indictment went into foreclosure.

An indictment is simply the method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

A conviction for wire fraud carries a maximum penalty of 20 years’ imprisonment, a $250,000 fine or both for each count. In determining the actual sentence, the judge will consult the U.S. Sentencing Guidelines, which provide appropriate sentencing ranges. The judge, however, is not bound by those guidelines in determining a sentence.

The investigation preceding the Indictment was conducted by the Federal Bureau of Investigations. The prosecution is being handled by Jonathan Granoff, Assistant U.S. Attorney, District of Arizona, Tucson.

CASE NUMBER: CR-11-3886-TUC-RCC

RELEASE NUMBER: 2011-254(Delgado)

Courtesy FBI

 



David Saks



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Comment balloon 2 commentsDavid Saks • November 15 2011 07:41PM

Comments

Man, was it worth it?? Ill pass...

Posted by Jairo Arreola #SOLDBYVETERAN, VA Home Loan Specialist - SF Bay Area (PRG Real Estate) about 8 years ago

Pretty nasty crime, if he's guilty, Jairo. Intentional, material misrepresentation for securing a loan is very serious. 

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

This blog does not allow anonymous comments