David Saks: Former Maryland LO Gets 42 Months for Mortgage Fraud & ID Theft

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Former Maryland LO Gets 42 Months for Mortgage Fraud & ID Theft

Former Maryland Loan Officer Sentenced to 42 Months in Prison for Mortgage Fraud and Identity Theft

U.S. Attorney’s Office May 10, 2013
  • Eastern District of Virginia (703) 299-3700
 

ALEXANDRIA, VA—Kenneth H. DiPasquale, 38, of Morgantown, West Virginia, was sentenced today to 42 months in prison, followed by three years of supervised release, for his role in a series of fraudulent mortgage loan transactions, including one in which he stole an individual’s identity and “sold” that individual his home for a nearly $320,000 profit.

DiPasquale was also ordered to pay a total of $3,354,773 in restitution to his victims and to forfeit $529,098 in proceeds from his crimes.

Neil H. MacBride, United States Attorney for the Eastern District of Virginia; Valerie Parlave, Assistant Director in Charge of the FBI’s Washington Field Office; and Gary R. Barksdale, Inspector in Charge of the Washington Division of the United States Postal Inspection Service, made the announcement after sentencing by United States District Judge Anthony J. Trenga. DiPasquale previously pleaded guilty to conspiracy and aggravated identity theft charges on January 25, 2013.

According to court records, DiPasquale was employed in 2007 as a loan officer at Landover, Maryland mortgage lender Citywide Mortgage. DiPasquale used that position to process loans based on false and fraudulent information, including for borrowers who had not applied for loans and who had no idea their names and identities had been used as borrowers in the transactions. In particular, DiPasquale processed fraudulent loans in exchange for kickbacks from a co-conspirator. When he 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. He also engineered a series of transactions involving a homeowner in Hyattsville, Maryland, whom he swindled out of over $193,000.

Co-conspirator Nadin Samnang, a former Virginia realtor and title company owner, was convicted of mortgage fraud-related charges following a trial in April 2012 and was sentenced to 84 months in prison. Co-defendant Lyle C. Williams pleaded guilty to conspiracy and identity theft charges in November 2012 and was sentenced to 18 months in prison.

This case was investigated by the FBI’s Washington Field Office and the U.S. Postal Inspection Service. Assistant United States Attorney Paul J. Nathanson prosecuted 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 6 commentsDavid Saks • May 10 2013 02:53PM

Comments

Your resume is very impressive. Unfortunately we also had some mortgage fraud on our island. Jim Lull on the day of his sentencing pulled a "Thelma & Louise" with his car over a cliff. I know some of the people he harmed wanted a DNA test to be sure it was him. The greed of some is really sad.

Posted by Julie A. Black, CLHMS, CRS, GRI, Realtor, Broker (KAUAI DREAMS REALTY Kauai Real Property Specialist) about 7 years ago

I remember Lull, Julie. I'm sure it was tough for him to live with the fact that he had stolen more than 30 million dollars from more than 50 victims. He killed himself on the day he was to be sentenced, almost four years ago. It really is sad. Greed is the product of desperation, loss of self-respect and the consideration of others.

Here are some more cases for you:

Real Estate Crimes

 

 

Always glad to hear from you.

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

Sad to hear about these cases, I hope the victims do get compensation.

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) about 7 years ago

David your post inspired me and I wrote a post about Jim Lull. I knew him personally and it was good to write about it. Thanks I will check out your link. Aloha Julie 

Posted by Julie A. Black, CLHMS, CRS, GRI, Realtor, Broker (KAUAI DREAMS REALTY Kauai Real Property Specialist) about 7 years ago

Hope so, Michelle. Too many nasty brokers.

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

Thank you, Julie.

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

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