David Saks: Paralegal Sentenced for Defrauding Mortgage Lenders - Over $1.8Million

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

Paralegal Sentenced for Defrauding Mortgage Lenders - Over $1.8Million

Branford Paralegal Sentenced to Federal Prison

for Defrauding Mortgage Lenders Out of More

Than $1.8 Million

U.S. Attorney’s Office August 05, 2014
  • District of Connecticut (203) 821-3700

Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that

JACQUELINE POLVERARI, 47, of Branford,

was sentenced today by U.S. District Judge Janet Bond Arterton in New Haven to 12 months and one day of imprisonment, followed by three years of supervised release, for arranging a series of fraudulent mortgage loan refinancing transactions.

According to court documents and statements made in court, POLVERARI, a paralegal, owned and operated various companies that specialized in preparing real estate closing documents and conducting real estate closings for attorneys.

After arranging six closings for residential real estate refinancing transactions between January 2007 and May 2009, POLVERARI kept the loan proceeds instead of disbursing the proceeds to pay off the pre-existing mortgage loans on the properties.

Two of these fraudulent refinancing transactions concerned loans on her residence, in the approximate amounts of $405,000 and $403,000.

The other four closings concerned loans on other people’s residences, which varied in amounts from approximately $231,000 to $302,000.

Lenders lost more than $1.8 million as a result of this scheme.

Judge Arterton ordered POLVERARI to pay restitution in the amount of $1,875,563.84.

On September 20, 2012, POLVERARI pleaded guilty to two counts of bank fraud.

This matter was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant U.S. Attorney Henry K. Kopel.

source: FBI

http://www.fbi.gov/newhaven/press-releases/2014/branford-paralegal-sentenced-to-federal-prison-for-defrauding-mortgage-lenders-out-of-more-than-1.8-million?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=342579




David Saks



Time&Temp Memphis

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Comment balloon 15 commentsDavid Saks • August 06 2014 04:13PM

Comments

You just never know....

Posted by Pamela Madore, Team Work Makes The Dream Work (The Pamela Madore Group) over 5 years ago

Wow! I'm going to reblog this and link it to all my groups. This is good information for RE Professionals. There's so many ways people can cheat and con folks out of money nowadays. Thanks for the info. Wish we had more posts like this.

Posted by John DL Arendsen, Crest Backyard Homes "ADU" dealer & Contractor (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) over 5 years ago

Darn, for some reason I'm not being allowed to reblog this entry. Do you know why?

Posted by John DL Arendsen, Crest Backyard Homes "ADU" dealer & Contractor (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) over 5 years ago

You'll know when you look at your bank statement, Pamela.

Thanks for the note.

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

John, your wish is my command, my friend.

click this red button.
Real Estate Crimes

The article is a reprinted press release from the Department of Justice and the FBI and might not allow for reblogging. But I thank you for your consideration. And your comments.

Many thanks for your note.

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

Wow, how did she ever think that she'd get away with it? One year in prision doesn't seem like enough time to me for all the aggrevation she caused.

Posted by Debbie Malone, From Lynchburg To The Lake (434) 546-0369 (Londeree's Real Estate & Property Management) over 5 years ago

I hope she got some jail time as well.  I didn't notice it in the post.

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

She may have thought that 12 months in prison is a small price to pay for 2 million dollars, Debbie, and was willing to do the time to pull off the crime.

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

She received 12 months and a day, Gabe, followed by three years of supervised release. It wasn't enough.

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

This is some great information. Thanks for sharing.

Posted by Julie Baldino, Opening Doors to New Chapters... (Front Door Realty) over 5 years ago

It sure is, Julie. Appreciate the note.

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

David Saks thank you for bringing stories like this to our attention!

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Maximum One Executive REALTORS®) over 5 years ago

Thank you, Jim. Have a terrific day ahead.

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

Well that's a new one-she just kept the proceeds!

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

It's a very common crime where proceeds are stolen at closing, Michelle.

Nice to hear from you.

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

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