U.S. District of Nevada Judge Larry Hicks convicted Jawad Quassani of one count of conspiracy to commit wire fraud and mail fraud, two counts of wire fraud and two counts of mail fraud.
Court documents and evidence revealed that Quassani participated in a scheme where the prices of two homes were falsely inflated and mortgage loans were obtained through the submission of loan applications that contained invalid information about the buyer’s income and intent to live in the properties as primary residences.
Furthermore, a portion of the loan proceeds was sent at the close of escrow to the defendant’s co-conspirators—Anita Mathur and Shirjil Qureshi—and commissions on the fraudulent loans were paid to Quassani and the co-conspirators too, trail evidence revealed.
Quassani is a licensed mortgage agent at Rapid Funding Group. He conceived this scheme and prepared one of the loan applications and arranged for the preparation of the second. The defendant also obtained a share of the commissions generated by these transactions that was meant solely to generate fraudulent profits for himself and his partners.
Mathur and Qureshi previously pleaded guilty to one count of conspiracy to commit bank fraud, wire fraud and mail fraud. Both are awaiting sentencing.