David Saks: Settlement Company Head Pleads Guilty to $2 Mil + Short Sale Fraud

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

Settlement Company Head Pleads Guilty to $2 Mil + Short Sale Fraud

Head of Annandale Settlement Company Pleads Guilty in More Than $2 Million Short Sale Mortgage Fraud

U.S. Attorney’s Office May 27, 2014
  • Eastern District of Virginia (703) 299-3700

ALEXANDRIA, VA—Jose Marinay, 52, of Annandale, Virginia, pleaded guilty today to conspiracy to commit wire fraud for his involvement in a short sale mortgage fraud conspiracy.

Dana J. Boente, United States Attorney for the Eastern District of Virginia; Valerie Parlave, Assistant Director in Charge of the FBI’s Washington Field Office; and Thomas J. Kelly, Special Agent in Charge, Washington D.C. Field Office, IRS-Criminal Investigation, made the announcement after the plea was accepted by U.S. District Judge Claude M. Hilton.

Marinay was indicted on April 15, 2014, by a federal grand jury on multiple charges, including conspiracy to commit wire fraud. Marinay faces a maximum penalty of 20 years in prison when he is sentenced on September 26, 2014.

According to court documents, Marinay operated a settlement company in Annandale named Virginia Smart Choice Settlements (which is now SCS Title & Escrow). Marinay helped prepare settlement statements that contained false information relating to liens, realtor commissions, title search fees, attorneys’ fees, title insurance, recording fees, and taxes. Marinay caused the settlement statements to be sent to mortgage lenders, and in some instances, he shredded the statements to conceal evidence of the fraudulent transactions.

According to the statement of facts filed with Marinay’s plea agreement, a co-conspirator used the settlement statements to fraudulently induce mortgage lenders to execute short sales—real estate transactions in which the mortgage lender agrees to accept a price less than the amount owed on the property—on at least seven occasions. Immediately after the short sale, the co-conspirator sold the property to a new buyer in violation of representations and agreements made with the short sale mortgage lender. As a result of this scheme, the affected financial institutions suffered losses of over $2 million.

This case was investigated by the FBI’s Washington Field Office and IRS-Criminal Investigation. Assistant U.S. Attorney Uzo Asonye and Trial Attorney Todd Ellinwood of the Justice Department’s Tax Division are prosecuting the case.

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

http://www.fbi.gov/washingtondc/press-releases/2014/head-of-annandale-settlement-company-pleads-guilty-in-more-than-2-million-short-sale-mortgage-fraud?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=324954




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • May 28 2014 07:38AM

Comments

People like this helped to make the short sales process much more difficult than need be.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 5 years ago

Agreed, Gabe.

Posted by David Saks ((retired)) over 5 years ago

This blog does not allow anonymous comments