David Saks: Connecticut Man Guilty of Role in 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

Connecticut Man Guilty of Role in Mortgage Fraud Scheme

Stamford Man Guilty of Role in Mortgage Fraud

Scheme

U.S. Attorney’s Office June 16, 2014
  • District of Connecticut (203) 821-3700

The United States Attorney for the District of Connecticut announced that ASM AFSARY, 41, of Stamford, waived his right to indictment and pleaded guilty today before Chief U.S. District Judge Janet C. Hall in New Haven to conspiring to defraud financial institutions through an extensive mortgage fraud scheme that involved dozens of properties in Fairfield County.

According to court documents and statements made in court, between 2005 and 2013, AFSARY participated in a mortgage fraud conspiracy that involved the purchase of numerous single and multi-family properties, primarily in Bridgeport and Stamford. During the scheme, AFSARY and his co-conspirators provided materially false information to mortgage lenders. The fraudulent information included false verifications of mortgage applicants’ income, false verifications of down payments for real estate transactions, and false HUD-1 Forms.

In pleading guilty, AFSARY admitted that he recruited and directed the actions of several “straw buyers,” or individuals who fraudulently applied for and obtained mortgage loans but did not have an actual financial investment or stake in the mortgage loan transactions. In fact, AFSARY was the intended owner of the property, managed the property, and collected all of the rents from the property.

Through this scheme, lenders suffered losses of more than $7 million. Many of the properties involved in this mortgage fraud scheme ended up in foreclosure or in short sale transactions.

AFSARY pleaded guilty to one count of conspiracy to commit wire fraud and bank fraud, which carries a maximum term of imprisonment of 30 years. Judge Hall scheduled sentencing for October 1, 2014.

AFSARY is the fourth individual involved in this scheme to plead guilty.

This ongoing investigation is being conducted by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney Ann M. Nevins and Special Assistant U.S. Attorney John McReynolds.

http://www.fbi.gov/newhaven/press-releases/2014/stamford-man-admits-role-in-mortgage-fraud-scheme-1?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=329505




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

WUMR

 

Support
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 • June 17 2014 12:50PM

Comments

Thanks for posting about this. P.S. Congratulations on being among the Top 25 ActiveRain Bloggers for 2013-2014

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) over 5 years ago

Thank you, Michelle.

It's a nice honor, although many of my entries are Department of Justice press releases about real estate fraud which are in the public domain. I do this as a community service to alert the real estate community at-large to the problem.

There are even former ActiveRain members in prison for real estate fraud.


Real Estate CrimesHave a great day ahead.

 

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

This blog does not allow anonymous comments