David Saks: Couple Pleads Guilty in Mortgage Fraud Scheme

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Couple Pleads Guilty in Mortgage Fraud Scheme

Couple Pleads Guilty in Mortgage Fraud

Scheme

U.S. Attorney’s Office January 16, 2015
  • Western District of New York (716) 843-5700

BUFFALO, NY—U.S. Attorney William J. Hochul, Jr. announced today that

Timothy McCabe, 50, and

Theresa Morales, 50,

of Florida (formerly of Buffalo), pleaded guilty before U.S. District Court Judge Richard J. Arcara, to bank fraud. The charge carries a maximum penalty of 30 years in prison, a fine of $1,000,000, or both.

Assistant U.S. Attorney Maura K. O’Donnell, who is handling the case, stated that the defendants executed a scheme to obtain mortgages, re-financing, and home equity credit lines, totaling $2,580,000, from various financial institutions. In furtherance of the scheme, McCabe and Morales put together loan applications, which contained materially false information as to defendant Morales’ employment and income, and as to the couple’s intent to reside at the properties as owner/occupants. The loan applications were then submitted to the financial institutions, either directly by the defendants, or through Nickel City Funding, a Western New York mortgage broker.

Relying on the representations in the loan applications, as well as false verifications provided by defendant McCabe, the financial institutions granted the loans, which totaled $2,580,000. The defendants made only minimal payments on the loans, causing the properties to go into foreclosure, and resulting in a loss to the financial institutions in excess of $1,000,000.

The plea is the culmination of an investigation on the part of Special Agents of the Federal Bureau of Investigation, and Special Agents of the United States Secret Service , under the direction of Special Agent in Charge C. Todd Laster.

Sentencing is scheduled for April 17, 2015, at 12:30 p.m. before Judge Arcara.

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Comment balloon 2 commentsDavid Saks • January 21 2015 09:11AM

Comments

Thank you for the info on the bad guys.  Have a great 2015

 

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

Are there any good guys left in the real estate business, Tim ?

Since I retired my license in October I'm having a great year !

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

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