U.S. District Judge Liam O'Grady has sentenced a man to two years in prison, followed by 24 months of supervised release, for using his professional experience as a loan officer to commit mortgage fraud.
Javier Siveroni carried out a multimillion-dollar mortgage fraud scheme involving more than 15 homes in Northern Virginia. Siveroni pleaded guilty to this scam on Aug. 1.
According to court documents, the former loan officer worked for a Virginia branch of SunTrust mortgage where he prepared and submitted false and misleading mortgage loan applications for unqualified buyers who did not have the finances, credit rating or legal status to obtain the loan amount given to them.
The fraudulent mortgage loan applications contained inaccurate information regarding the applicants' employment, income, assets, immigration status and intent to live the property as a primary residence.
As part of the fraudulent scheme, Siveroni taught co-conspirators how to create fake documents to confirm the inaccurate information that was submitted in the loan applications.
More than $6.5 million of mortgage loans were approved in this conspiracy, with Siveroni attributed to over $2.5 million of this total.
Three loan officers—Preston Cherouny, John Leone and Alejando Alquinta—have already pleaded guilty for their roles in this conspiracy. Maria Sanchez and Yolanda Camacho acted as loan officer assistants in this scheme and also pleaded guilty for acting as conspirators.
