David Saks: Los Angeles Women Gets 3 Years in Prison for $2 Million Mortgage Fraud

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Los Angeles Women Gets 3 Years in Prison for $2 Million Mortgage Fraud

Los Angeles Women Sentenced to Prison in $2

Million Mortgage Fraud Scheme

U.S. Attorney’s Office August 21, 2014
  • Central District of California (213) 894-2434

LOS ANGELES—A Los Angeles woman was sentenced today to three years in federal prison for orchestrating a scheme that led to the fraudulent purchase of four properties worth more than $2 million.

Soo Kyung Hong, who also used the name “Maria Hong,” 48,

a resident of the Miracle Mile section of Los Angeles, was sentenced today by United States District Judge John F. Walter. In addition to the 36-month prison term, Judge Walter ordered Hong to pay approximately $2 million in restitution, which includes losses from four additional properties fraudulently purchased in a related scheme.

Hong pleaded guilty in April to conspiracy to commit wire fraud, admitting that she falsified income and employment information to fraudulently obtain mortgages to purchase four properties in Hesperia, Laguna Niguel, and Hacienda Heights.

To further the scheme, Hong engaged a co-conspirator to allow Hong to falsely list the co-conspirator’s company as a place of employment on the fraudulent mortgage applications that were filed under the name of a person who did not know their name was being used. Hong instructed the co-conspirator to direct calls seeking employment verification to Hong.

As part of the scheme, banks funded mortgages on four properties, all of which fell into foreclosure and caused losses of more than $1 million.

This case is being investigated by the Federal Housing Finance Agency, Office of Inspector General; the Federal Bureau of Investigation; IRS—Criminal Investigation; and the Los Angeles Sheriff’s Department. The case was prosecuted by the Fraud Section in the Criminal Division of the Department of Justice and the United States Attorney’s Office in Los Angeles.

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Comment balloon 6 commentsDavid Saks • August 25 2014 12:05PM

Comments

Thanks for keeping us informed of the Mortgage Fraud cases.  As ugly as they are.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) over 5 years ago

Thank you, Tim.

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

glad to see another fraudster off the streets!

Posted by Nancy Frimann (Eagle Ridge Realty/Signature Homes & Estates) over 5 years ago

Ditto, Nancy. There are only a few thousand more to go.

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

David, The 3 years in prison seems like a light sentence for mortgage fraud.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

30 would have been more appropriate. Thanks, Sam.

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

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