A Dallas homebuilder pleaded guilty last week in the U.S. District Court for the Eastern District of Texas to a mortgage fraud scheme against homebuyers.
According to information presented in court, Yunus Mandli was the owner of Oxford Fine Homes, a company that built custom homes.
As part of the scheme, Mandli and other conspirators submitted fraudulent documents to a mortgage lender with inflated purchase prices and fraudulent employment and income information in order to get mortgages originated beyond the value of the properties his company built. The excess funds were distributed as kickbacks at the loans’ closing.
Mandli faces up to five years in federal prison, a $250,000 fine and restitution for the individuals who purchased these properties.
The interagency Financial Fraud Enforcement Task Force, established by the Obama administration to investigate and prosecute financial crimes, discovered the fraud in this case. The Internal Revenue Service, Department of Housing and Urban Development Office of Inspector General and the Federal Bureau of Investigation are continuing to investigate the case.
