David Saks: Woman Gets Two+ Years for Mortgage Fraud - Losses Exceed $1 Mil

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

Woman Gets Two+ Years for Mortgage Fraud - Losses Exceed $1 Mil

McLean Woman Sentenced to More Than Two

Years in Prison for Mortgage Fraud and Tax

Fraud Conspiracies


Two Crimes Caused Actual Losses Exceeding $1

Million

U.S. Attorney’s Office February 06, 2015
  • Eastern District of Virginia (703) 299-3700

ALEXANDRIA, VA

Yeon Han,

53, of McLean, Virginia, was sentenced today to 30 months in prison, followed by three years of supervised release for her participation in mortgage fraud and tax fraud conspiracies. Han was also ordered to pay $1,022,143.95 in restitution to the victims of here crimes.

Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; Andrew G. McCabe, 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 (IRS-CI), made the announcement after sentencing by U.S. District Judge Gerald Bruce Lee.

Han pleaded guilty to two separate counts of conspiracy to commit wire fraud on May 15, 2013.

According to court documents,

Han was the owner and operator of Pacific Realty, a real estate sales and leasing company based in Annandale, Virginia.

Her first fraud scheme involved a “short-sale” fraud conspiracy.

A “short sale” is a real estate transaction in which the proceeds from the property sale fall short of the balance of debts secured by liens against the property. Because the property owner cannot afford to repay the full amount of the liens, the lien holder agrees to release the lien on the property and accept less than the amount owed on the debt.

As part of this offense, Han and her co-conspirators inflated the true costs required to convey clear title for a short sale transaction. They communicated to the short sale lender that the short seller needed an allowance for costs related to a short sale closing that was much higher than the actual closing costs associated with closing the transaction.

The conspirators then created false HUD-1 settlement statements that made it appear as if the closing cost allowance provided to the seller by the short sale lender was used for appropriate and legitimate purposes, such as pay-offs of past due real estate taxes or disbursements to second lien holders. In reality, the defendant disbursed these fraudulent “overages” directly to herself and her co-conspirators. As a result of her “short sale” fraud scheme, financial institutions lost more than $1 million. Beginning in 2013, over 10 defendants in northern Virginia pleaded guilty to their involvement in overlapping conspiracies and crimes like the one Han committed.

Han also pleaded guilty to a second offense involving a tax fraud conspiracy with James Sohn, who also pleaded guilty in 2013 for his involvement in this scheme. Sohn was the owner of Washington Food & Supply of DC, Inc., a wholesale food distribution company based in the Washington, D.C. metropolitan area. Washington Food & Supply of DC, Inc. was a high volume cash business. As part of this offense, Sohn would provide Han with paper bags full of cash, and Han would write checks and make wire transfers to Sohn to hide his cash profits from federal and state authorities. Han knowingly conducted these transactions to assist and advance Sohn’s failure to accurately report income from his cash businesses and pay the appropriate state and federal taxes. During the course of this conspiracy, the defendant and Sohn defrauded the U.S. government and the State of Maryland of hundreds of thousands of dollars.

This case was investigated by the FBI’s Washington Field Office and IRS-CI. Assistant U.S. Attorney Chad Golder prosecuted 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. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:13-cr-163.

This content has been reproduced from its original source.
 



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 4 commentsDavid Saks • February 09 2015 07:47AM

Comments

Where there is money people always want to push too far it seems.  Mark

Posted by Mark Don McInnes, Sandpoint, North Idaho Real Estate - 208-255.6227 over 5 years ago

Sad story effecting so many people and in so many ways.  Honesty, Integrity and

respect, compassion, and love for one's neighbor -  at all  times.

Posted by Jane Chaulklin-Schott, TeamConnect Luxury Homes - Orlando, Florida, 32836 (TEAMCONNECT REALTY - (407) 394-9766) over 5 years ago

It's a bonafide greed parade, Mark Don McInnes, Sandpoint

Thanks.

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

Not much of that going around anymore, Jane Chaulklin-Schott 

It's fantasy on paper in the minds of social workers with an abundance of optimism for the world-at-large.

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

This blog does not allow anonymous comments