David Saks: ANOTHER DIRTY LOAN OFFICER GUILTY OF FRAUD - STOLE VICTIM'S IDENTITIES

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

ANOTHER DIRTY LOAN OFFICER GUILTY OF FRAUD - STOLE VICTIM'S IDENTITIES

Former Maryland Loan Officer Pleads Guilty to Mortgage Fraud and Identity Theft

U.S. Attorney’s Office January 28, 2013
  • Eastern District of Virginia (703) 299-3700
 

ALEXANDRIA, VA—Kenneth H. DiPasquale, 37, of Morgantown, West Virginia, pleaded guilty on January 25, 2013, to conspiracy to commit mail, wire, and bank fraud, and aggravated identity theft in connection with his role in fraudulent mortgage loan transactions, including the sale of his own home to a buyer whose identity he had stolen and to whom he “sold” the property for a nearly $320,000 profit.

Neil H. MacBride, United States Attorney for the Eastern District of Virginia; Debra Evans Smith, Acting Assistant Director in Charge of the FBI’s Washington Field Office; and Gary Barksdale, Inspector in Charge of the Washington Division of the United States Postal Inspection Service, made the announcement after the plea was accepted by United States District Judge Anthony J. Trenga.

DiPasquale faces a maximum penalty of 30 years in prison on the conspiracy charge and a mandatory consecutive sentence of two years on the identity theft charge when he is sentenced on May 10, 2013.

According to court records, DiPasquale was employed in 2007 as a loan officer at Citywide Mortgage, a mortgage lender located in Landover, Maryland.

DiPasquale used that position to process loans based on false and fraudulent information, including for borrowers who had not even applied for loans and who had no idea their names and identities had been used as the borrowers in the transactions.

In particular, when DiPasquale had trouble selling his own home in Bowie, Maryland, in October 2007, he stole the identity of an individual living in Arlington, Virginia, and “sold” this victim his house at a nearly $320,000 profit.

The transaction involved fraudulent loan documents and an associate playing the role of the buyer at closing.

The victim had no idea the property had been purchased in his name until the loans defaulted, the lenders came collecting, and the homeowner’s association sued the unsuspecting victim for unpaid dues.

Co-defendant Lyle C. Williams pleaded guilty to conspiracy and identity theft charges on November 8, 2012, and will be sentenced on February 15, 2013.

This case was investigated by the FBI’s Washington Field Office and the U.S. Postal Inspection Service. Assistant United States Attorneys Paul J. Nathanson and Chad Golder are prosecuting the case on behalf of the United States.

A copy of this press release may be found on the website of the United States Attorney’s Office for the Eastern District of Virginia at  http://www.justice.gov/usao/vae.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 8 commentsDavid Saks • January 29 2013 11:22AM

Comments

David, this blog is interesting.  It is amazing that it took so long to find fraud.

Posted by Pat & Steve Pribisko (Keller Williams Greater Cleveland West) almost 7 years ago

Glad this guy got caught. I am surprised at how brazen he was in going after people's identity.

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) almost 7 years ago

Amazing, can't believe what some people think they can get away with!

Posted by Larry Costa, Realtor, Carver MA Real Estate (Century 21 Classic Gold, Carver MA) almost 7 years ago

The property default and HOA claim blew the whistle on that dirty swindler, Pat, Steve. Hope he spends a long time in prison.

Posted by David Saks ((retired)) almost 7 years ago

Ditto, Sarah, Les. Thanks for reviewing this nasty case.

Posted by David Saks ((retired)) almost 7 years ago

It is, indeed, Larry. The lender misrepresentations allowed that swindler to net 320k. Thanks for reviewing this press release.

Posted by David Saks ((retired)) almost 7 years ago

David  It amazes me how many people committed these crimes and how many have not got caught

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 7 years ago

I hope the judge kicks that fraudster's butt as hard as the law will allow on May 10th, Hannah. To hear about the dirty things that swindler did makes me sick to my stomach.

Posted by David Saks ((retired)) almost 7 years ago

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