Virginia Broker Pleads Guilty, Faces Sentencing in November

After being indicted in June on multiple fraud charges, Hayung Peter Jin, a loan broker from Centreville, Va., pleaded guilty before U.S. District Judge James C. Cacheris and faces sentencing later this year. According to Dana J. Boente, U.S. attorney for the Eastern District of Virginia, Jin operated Business Capital and Investments, a loan brokerage business that served primarily Korean Americans in the Washington metropolitan area. Jin was involved in two separate fraud schemes. In one scheme, Jin convinced a former client to sell his home to a South Carolina businessman who had never agreed to purchase the home. Jin then used the businessman's name and Social Security number to obtain financing for the bogus purchase, plus additional home equity loans in the businessman's name. Jin fraudulently obtained $620,000 in financing. In the other scheme, Jin convinced a local businesswoman that he had obtained four borrowers who wanted to borrow $360,000 from her, when in fact the alleged borrowers had never agreed to such an arrangement. Jin forged four promissory notes and gave them to the businesswoman to induce her to transfer the $360,000 under the false promise that Jin would transfer the funds to the four "borrowers." Jin then kept the funds for himself. Sentencing has been set for Nov. 13.