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Actor Tommy "Tiny" Lister Pleads Guilty to Mortgage Fraud

SEP 6, 2012 2:49pm ET
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Notice that the federal prosecutors are still working on 2005 loans and they have 10 years to prosecute. Here they had the grand jury release the indictment seven years after the loan funded. Some of you have asked when it is going to slow down. I have informed several of you this is going to go on in my opinion for several more years, in all probability until after the end of 2013 at the earliest. In fact in this attorney’s opinion, the prosecutions will actually speed up and there will be even more indictments in 2013 since I am of the opinion even more foreclosures will take place in 2013 because of the five year “step up.”

VIRGINIA LOAN OFFICER PLEADS GUILTY

T O MORTGAGE FRAUD

FACTS

Pervaiz Arshad pleaded guilty to conspiring to commit mail fraud and wire fraud in connection with his role in fraudulent mortgage loan transactions involving nine homes in northern Virginia and approximately $1.7 million in losses to lenders. Arshad also pleaded guilty to a passport fraud charge in connection with his attempt to obtain a fraudulent passport for a co-conspirator fleeing to Canada.

Arshad faces a maximum penalty of 20 years in prison on the conspiracy charge and 10 years in prison on the passport charge when he is sentenced on Nov. 2.

Arshad admitted that while acting as a loan officer for Annandale, Va.-based E-Star Lending, he recruited an individual to serve as a straw buyer in fraudulent real estate transactions designed to enrich himself and others. The properties, owned by co-conspirators, were sold to the straw buyer at a profit. Arshad ensured the straw buyer would qualify for the 100% financing used to buy the properties by reporting false employment and income information on the loan applications. Conspirators set up fake companies to verify the false employment information and further deceive the lenders. No payments were made on the loans, and Arshad intended for the straw buyer to flee to Canada before the fraud was discovered.

Arshad was indicted in this case in 2010, after he had fled to Pakistan to avoid prosecution. He was arrested in July 2012 when authorities discovered him on a flight into Dulles International Airport. Arshad is the sixth person associated with E-Star to be convicted of mortgage fraud related charges since 2008.  (usattyedva82312)

MORAL

The federal prosecutors are patient. This goes back four years to 2008.  Obviously, it looks like a full doc loan and still he gets caught and having fled and then been caught the sentence will probably be stiffer. The federal prosecutors so far as I can determine are still chasing old loans and still chasing NINA, SISA and other no doc loans as well as fraud doc loans going back to 2004. They have 10 years from when the last act (receiving money) was performed to file an indictment. There is every indication they are still doing that throughout the United States.  So, if anyone out three had questionable loans and they feel they may become a target, I suggest they consult their attorney now.

THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE. AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE.

 

Comments (1)
And some think it's the Dodd Frank rules that made them go under.
Posted by | Monday, September 10 2012 at 3:11PM ET
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