David Saks: Mortgage Lender Charged in Multi-Million-Dollar 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

Mortgage Lender Charged in Multi-Million-Dollar Mortgage Fraud Scheme

California Man Charged in Multi-Million-Dollar Mortgage Fraud Scheme

U.S. Attorney’s Office August 02, 2013
  • Eastern District of Pennsylvania (215) 861-8200

Steven Pitchersky, 64, of Rancho Mirage, California, was charged today by information (an indictment or information is an accusation; a defendant is presumed innocent unless and until proven guilty) with one count of wire fraud, announced United States Attorney Zane David Memeger.

Pitchersky, who operated Nationwide Mortgage Concepts, a California mortgage lender, is accused of engaging in a scheme to defraud Ally Bank that caused the bank a loss of approximately $5.3 million.

If convicted the defendant faces a maximum possible sentence of 20 years’ imprisonment, three years’ supervised release, a $250,000 fine, and a $100 special assessment.

The case was investigated by the Federal Bureau of Investigation, the Office of the Special Inspector General for the Troubled Asset Relief Program, and the Department of Veterans Affairs Office of Inspector General, and it is being prosecuted by Assistant United States Attorney David L. Axelrod.

source: FBI

David Saks

Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • August 02 2013 02:55PM


There's never a wrong time to do the right thing. 

Do the right thing!

Posted by David Harper, Homes For Rent (Florida Management and Consulting Group Inc.) about 7 years ago

Good advice, David. It always is.

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

David, thanks for sharing...too little I say...look at Wall Street they have prosecuted one man out of all of them for the 2008 debacle of inventive mortgages that were a sham... I find it so frustrating...I guess we need to be happy with the small baby steps, right?

Posted by Ginny Gorman, Homes for Sale in Southern RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 7 years ago

The recovery is still crawling, Ginny. Bear Stearns, which collapsed, ended up with several of their execs busted for mortgage backed security fraud during the subprime calamity. Quite a few got nailed on Wall Street from the fallout. More than just Madoff fell, and are still being taken down. Many in this business have forgotten that hundreds of lenders crashed and burned, and that there's not as much interest in the secondary mortgage market, which is where the lenders sell their mortgages to get the additional funds that they need to make new loans. It's harder to buy a home because there's less money to lend, in addition to the new lending restrictions and higher FICO score requirements. There's still a long way to go. I'm alarmed at the wave of single family residential buying frenzy. It might be the groundwork for a new wave of real estate terror. Perhaps worse than the last 12 years. It's very difficult to convince buyers in some parts of the nation that buying a home is an investment because of all of the negams that still permeate the nations landscape. Our nations banks really have to be vigilant. Glad to hear from you.


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

David - your above comment said "I'm alarmed at the wave of single family residential buying fenzy" 

The thought has crossed my mind of late more than once about history repeating itself? ...God forbid!

Have a great week and thanks for visiting our blog and for your comments.




Posted by Jeff&Grace Safrin, SpousesSellingHousesTM (F.C.Tucker 1st Team Real Estate) about 7 years ago

Thank you, Grace. The beast may be raising it's ugly head again, I fear. Glad to hear from you.

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

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