Eleven people have pleaded guilty to federal fraud charges in a Northern Virginia real estate scheme that bilked millions of dollars from the banking industry.

According to charging documents, the defendants were involved in overlapping conspiracies where they would alter the terms of real estate settlements that had been approved by financial institutions so that the banks would provide more money that what had been approved.

The conspirators kept the extra money for themselves.

Convicted were Theresa Choi, 53, of Centreville; Seung "Sandy" Oh, 44, of Great Falls; Haemi Chee, 24, of Fairfax; He Mi Son, 37 of Fairfax, Sung Hwan "Brian" Kim, 47, of Fairfax; James Youngmock Sohn, 55, of Potomac; Joy Park, 37, of McLean; Yeon Kyung Han, 52, of McLean; Hee Jung Jenny Shin, 44, of Fairfax Station; Woo Suk "Eddie" Oh, 41, of Annandale; and Min Shik Kim, 40, of Centreville.

http://washingtonexaminer.com/11-guilty-of-massive-real-estate-fraud/article/2530726

Alright so a bunch of Korean people teamed up to defraud financial institutions. The article is very light on details. Any idea how this scam actually worked? Were these people acting as realtors and as an escrow service? I'm legitimately interested on this.. I'm curious if it was actually somehting clever or these were just idiots waiting to get caught.

"He Mi Son"?

"Woo Suk "Eddie" Oh" was this a rub and tug operation?

"Any idea how this scam actually worked?"
Yeah. Trouble is, the average reporter & editor is a Journalism Skool Gradiduate, unable to comprehend terms such as "escrow", "settlement", "title", and "fees". In other words, they don't understand the crime...

Here's the press release:

http://www.fbi.gov/washingtondc/press-releases/2013/eleven-defendants-plead-guilty-to-federal-fraud-charges-related-to-annandale-business

Meanwhile, the nats continue to steal the worlds wealth in plain sight and no one goes to jail.

"Justice" for all!

If it's not the spicks raping, niggers stealing, now, the chinks!

Where's my VA?

Funny I didnt hear about the conviction of anybody at ING or Wells Fargo or any of the big banks. Must have slipped through the cracks somehow...

It is the feds here and they have plead guilty. Not much detail, but worth checking the docket at the E.D of Virginia to see how sentencing turns out. The feds impose long sentences, shorter, of course, than if this crew went to trial and were convicted.

Link:

http://www.justice.gov/usao/vae/news/2013/05/20130529choinr.html

Ten Fairfax County residents plead guilty to mortgage scamGregg MacDonald, 06/05/2013 9:42 AM
Ten Fairfax County residents have pleaded guilty in federal court to mortgage fraud and other fraud charges that involved “overages” or illegitimate, inflated costs added to real estate transactions that induced lenders to provide funds above and beyond what was actually approved to fund the transaction.

According to court documents, eleven conspirators—10 from Fairfax County and one from Potomac, Md.— provided lenders, buyers, and sellers falsified real estate documents to mask their falsified overages.

“These defendants have admitted to bilking millions of dollars from our financial institutions by falsely inflating costs of doing business while processing short sales, keeping payoffs from mortgages thought to have been refinanced, and illegally borrowing against escrow accounts of homeowners in Northern Virginia,” said Valerie Parlave, assistant director in charge of the FBI’s Washington Field Office.

According to Parlave, the 11 defendants involved in the conspiracies “enriched” themselves by keeping the overage funds for themselves. “In another part of the scheme, some of the defendants listed in these overlapping conspiracies laundered the proceeds of cash businesses to avoid paying federal and state taxes,” she said. “And other defendants, in addition to the above schemes, misappropriated funds kept in real estate escrow accounts for their own personal use. Taken together, these multiple, overlapping conspiracies resulted in millions of dollars of losses to financial institutions, the federal government, and the Commonwealth of Virginia.”

Court documents state the defendants’ conspiracies lasted from approximately 2009 to 2012, and involved the owners, operators, employees, and affiliates of several real estate-related businesses located in Annandale and other nearby Northern Virginia towns.

According to the Department of Justice, all 11 defendants have pleaded guilty to mortgage fraud and other fraud-related charges.

The defendants who have pleaded guilty are as follows:

•Theresa Choi, 53, of Centreville, pleaded guilty on April 17, 2013, to one count of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison when she is sentenced on July 12, 2013;

•Seung Oh, 44, of Great Falls, pleaded guilty on April 30, 2013, to one count of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison when she is sentenced on August 16, 2013;

•Haemi Chee, 24, of Fairfax, pleaded guilty on May 1, 2013, to one count of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison when she is sentenced on July 19, 2013.

•Hae Mi Son, 37, of Fairfax, pleaded guilty on May 2, 2013, to one count of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison when she is sentenced on September 6, 2013.

•Sung Hwan Kim, 47, of Fairfax, pleaded guilty on May 9, 2013, to one count of felony conspiracy to commit wire fraud. He faces a maximum penalty of 20 years in prison when he is sentenced on August 16, 2013.

•James Youngmock Sohn, 55, of Potomac, Md, pleaded guilty on May 8, 2013, to one count of felony conspiracy to commit wire fraud. He faces a maximum penalty of 20 years in prison when he is sentenced on August 16, 2013.

•Joy Park, 37, of McLean, pleaded guilty on May 10, 2013, to two counts of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison for each count when she is sentenced on August 9, 2013.

•Yeon Kyung Han, 52, of McLean, pleaded guilty on May 15, 2013, to two counts of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison for each count when she is sentenced on August 9, 2013.

•Hee Jung Jenny Shin, 44, of Fairfax Station, pleaded guilty on May 29, 2013, to one count of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison when she is sentenced on September 20, 2013.

•Woo Suk Oh a/k/a Eddie Oh, 41, of Annandale, pleaded guilty on May 14, 2013, to one count of felony conspiracy to commit wire fraud. He faces a maximum penalty of 20 years in prison for each count when he is sentenced on September 6, 2013.

•Min Shik Kim, 40, of Centreville, pleaded guilty on May 29, 2013 to one count of felony conspiracy to commit wire fraud. She faces a maximum penalty of 20 years in prison when she is sentenced on Sept. 6, 2013.

what were the sentences of the ones that were sentenced

Anyone have information on their sentencing or know how to obtain them?

assuming it goes to federal court because it's bank fraud + interstately so

http://www.justia.com

should post it soon after it's available, maybe not the quickest source