David Saks: Man Pleads Guilty to Participating in 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

Man Pleads Guilty to Participating in Mortgage Fraud Conspiracy

Wolcott Resident Pleads Guilty to Participating in Mortgage Fraud Conspiracy

U.S. Attorney’s Office May 21, 2013
  • District of Connecticut (203) 821-3700

Deirdre M. Daly, Acting United States Attorney for the District of Connecticut, announced that Daniel Monteiro, 34, of Wolcott, waived his right to indictment and pleaded guilty today before United States Magistrate Judge Donna F. Martinez in Hartford to one count of conspiracy to commit bank fraud, wire fraud, and money laundering stemming from a mortgage fraud scheme.

According to court documents and statements made in court, from approximately May to October 2007, Monterio conspired with others to obtain residential mortgages through the use of false down payments and hidden referral fees.

As part of the scheme, Monterio referred individuals to a co-conspirator who had purchased numerous residential real estate properties, many through the use of a private lender.

The individuals Monterio referred were then identified on mortgage documents as having purchased properties from Monterio’s co-conspirator.

However, the co-conspirator purchased the bank checks that were used as down payments for each of the transactions.

The co-conspirator used money obtained from the mortgages to pay private lenders and, on some occasions, referral fees to Monterio.

Monterio is scheduled to be sentenced by Chief United States District Judge Alvin W. Thompson on August 16, 2013, at which time Monterio faces a maximum term of imprisonment of five years and a fine of up to $250,000. As part of his plea agreement, Monterio has agreed to forfeit $15,000.

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, the United States Postal Inspection Service, and the Federal Bureau of Investigation. The case is being prosecuted by Assistant United States Attorney David T. Huang and Paul H. McConnell.

source: FBI



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 • May 22 2013 12:31PM


It amazing that with all the scrutiny on all mortgage transactions someone tries to get around the rules.

Posted by Jeff Jensen (The Federal Savings Bank/Lending in 50 states) almost 7 years ago

Tragically, a very common crime. Jeff. Lot's of cases, like this one, to review.

Real Estate Crimes

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

This blog does not allow anonymous comments