Police Bust Major Mortgage Scheme
The Fairfax County Police Department, in conjunction with the FBI, has arrested 20 suspects involved in an elaborate fraudulent mortgage operation. One team leader and 15 detectives and agents have been investigating the alleged complaint since November of 2007 when local elected officials contacted the Major Crimes Division of the Criminal Investigation Bureau. The officials received several complaints from constituents regarding small houses being torn down then built into mansions to be used as boarding houses.

The investigation led police on a countywide search through zoning records and permits involving over 200 houses. Many of the permits were issued under the same name. The buyers of the homes allegedly signed fraudulent documents. “Straw buyers,” with annual incomes of less than $25,000, were being approved for loans over $600,000.

Several of the arrested subjects were part of a criminal enterprise. They were acting in the capacity of real estate agents, mortgage brokers, and subcontractors. “Straw buyers” were approached and compensated for the use of their unflawed, personal information. The suspects used numerous bank accounts to “float” money into the “straw buyers” accounts so they could qualify for large loan amounts. The house was purchased, torn down, and rebuilt into a mansion sold to a second “straw buyer” for twice the original amount. The house was bought and sold several more times between a network of “straw buyers,” each at higher prices.

Phase I of the investigation ended with arrests relating to 35 houses, valued at $20 million. Over 200 properties may be involved and the estimated real estate value is of the remaining homes is over $100 million. The majority of the homes were located in the Springfield, Falls Church, Vienna, Annandale, and Alexandria areas of the county.

The FBI joined the investigation in the fall of 2008. Schemes such as the one dismantled today are complex and require a significant amount of resources, far more than any one law enforcement agency can provide. The Fairfax County Police Department partnered with members of the Real Estate Fraud Investigations Task Force in the investigation of this scheme.

The FBI funds 16 such mortgage fraud task forces across the country for the sole purpose of disrupting and dismantling significant criminal enterprises committing mortgage fraud. The real-time collaboration required in this case involved task force members from federal, state, and local law enforcement agencies, the United States Attorney’s Office and the Commonwealth Attorney’s Office in Fairfax County.

Seventeen teams of over 100 detectives and agents arrested 20 suspects on Thursday, September 24. The crimes in the arrest warrants include conspiracy to commit wire and mail fraud, using false statements to obtain property or credit, wire fraud, and mail fraud. Convicted suspects of the federal charges could face up to 30 years in prison and fines of up to $1 million.

Fairfax County Police would like to thank the Washington Field Office of the FBI, the United States Attorney’s Office, the Fairfax County Code Enforcement Strike Team, Fairfax County Sheriff’s Office, Virginia Department of Taxation, Fairfax County Commonwealth Attorney’s Office, Immigration and Customs Enforcement (ICE), the United States Postal Service and the Financial Crimes Enforcement Network (FinCEN).

The following links provide a list of properties involved as well as those persons arrested on local and federal charges.

7303 Bath Street, Springfield, Virginia
130 Kale Avenue, Sterling, Virginia
6105 Augusta Drive, Springfield, Virginia
7106 Hickory Hill Road in Falls Church, Virginia
3795 Mary Alice Place, Falls Church, Virginia
7618 Savannah Street, #103, Falls Church, Virginia
7201 Giles Place, Springfield, Virginia
7213 Halifax Place, Springfield, Virginia
7201 Giles Place, Springfield, Virginia
6210 Julian Street, Springfield, Virginia
7414 Dunston Street, Springfield, Virginia
3018 Graham Road, Springfield, Virginia
6604 Edsall Road, Springfield, Virginia
7407 Hastings Street, Springfield, Virginia
6007 Frontier Drive, Springfield, Virginia
3140 Annandale Road, Falls Church, Virginia
7110 Falcon Street, Annandale, Virginia
3130 Dashiell Road, Falls Church, Virginia
6913 Cabin John Road, Springfield, Virginia
5955 Joffa Place, Springfield, Virginia
3404 Hockett Street, Falls Church, Virginia
7240 Evanston Rd., Springfield, Virginia
6003 Backlick Road, Springfield, Virginia
6007 Hanover Avenue, Springfield, Virginia
7152 Floyd Avenue, Springfield, Virginia
6016 Frederick Street, Springfield, Virginia
6309 Dana Avenue, Springfield, Virginia
6709 Cabin John Road, Springfield, Virginia
7225 Highland Street, Springfield, Virginia
5801 Channing Road, Springfield, Virginia
6601 Independence Avenue, Springfield, Virginia
5805 Flanders Street, Springfield, Virginia
7314 Camp Alger Avenue, Falls Church, Virginia
6002 Frederick Street, Springfield, Virginia
7300 Grace Street, Springfield, Virginia

That's vad news!

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Bup

I don't understand how this fraud actually works. How did the fraudsters benefit? Don't tell me it was from stuff 50 illegals into one mansion and charging $100 per head in rent.

Maybe Vince was vusted too? Those are very vad people.

The flipped the properties using illegal alien strawmen with bogus documents and credit reports.

Each time the property flipped (sold) they made a profit from the sale while artificially inflating property values in the area.

An observation: all the people that are listed (arrested?) have Hispanic surnames. What a great research base for: are there prior arrests in the Fairfax police data base? what number are illegals? What are the costs to Fairfax County legals (incarceration; legal fees; social security benefits paid; etc., etc).

124C41 Wrote:
-------------------------------------------------------
> An observation: all the people that are listed
> (arrested?) have Hispanic surnames.


Because we all know that only Hispanic people are capable of fraud...



---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Looks like they vooked a ticket at the hotel prison.

Lol @ Springfield.

That place is such a shithole.

Mofo Wrote:
-------------------------------------------------------
> Lol @ Springfield.
>
> That place is such a shithole.

Seriously. I've never seen somplace go downhill faster.

my mom is vusty.
Attachments:

notme Wrote:
-------------------------------------------------------
> I don't understand how this fraud actually works.
> How did the fraudsters benefit? Don't tell me it
> was from stuff 50 illegals into one mansion and
> charging $100 per head in rent.

They were reselling the houses to themselves by getting new sham mortgages at inflated values. They just put the houses in some Mexicans name to keep the bank from becoming suspicious each sale.

Edited 1 time(s). Last edit at 12/13/2015 09:44AM by WingNut.

Tone-lician - your post is completely irrelevant. Of course there always has been and always will be citizens who commit fraud. But that means we should then somehow be reluctant to point out the obvious - that illegal aliens who commit fraud would not have committed the same had we not countenanced their illegal presence here?

Ok, maybe not all these folks are illegal. But a betting man says many are. Yet another deadweight loss imposed on financial instiutions (and hence us, the taxpayer right now) thanks to our inability to enforce the immigration laws.

one of the more irrelevant posts Wrote:
-------------------------------------------------------
> Tone-lician - your post is completely irrelevant.
> Of course there always has been and always will be
> citizens who commit fraud. But that means we
> should then somehow be reluctant to point out the
> obvious - that illegal aliens who commit fraud
> would not have committed the same had we not
> countenanced their illegal presence here?

To be fair, Bernie Madoff wouldn't have committed fraud if he had been aborted. Should we abort all babies because they might become criminals?

--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.

i likes bagina

WingNut Wrote:
-------------------------------------------------------
> THe victim is the bank. The scammers buy the
> houses, do (or fake) minor improvements, inflate
> the value with a shady appaiser and then sell the
> house to someone who has been fraudulently
> approved for a loan and has every intention of
> foreclosing.

The bank is NOT the victim. If the banks did due diligence when qualifying new buyers, they would have spotted the fraud and rejected the loan. Wells Fargo was among the first to "gloss over" qualifying factors with illegal aliens, following the Shrub's "minority mortgage"law. It was getting so many new loan applications that the others followed suit and wrote loans with reckless abandon.

>
> The straw purchaser flushes his/her credit down
> the toilet, but gets a kickback from the scammers.
> The bank approves a ridiculous loan and the seller
> walks away rich.

The straw purchaser didn't have credit. The history was fabricated, or stolen from some ususpecting citizen. It was easy to do because the banks no longer followed protocal when determining loan qualification.

>
> This is probably something that happened a few
> years ago when mortgages were going to anyone. If
> the "buyers" were illegal, even better, they're
> harder to find. There were a lot of people
> involved, I imagined a lot of them turned states
> evidence.

Yes - this was despite people trying to tell Congress and local representatives in the early 2000's that something was amiss - the mortgage industry was spiraling out of control and if someone didn't step in and slow it down, it would crash down with a loud thump.

Back then, we knew this would come to no good end, we just didn't know how bad it would be.

Edited 1 time(s). Last edit at 09/24/2015 02:01PM by WingNut.

> THe victim is the bank. The scammers buy the houses....

Banks are not innocent victims, they also involved in this scheme, they carelessly gave out loans then bundle them up and sold to other banks for profit. Mortage loan are sold several times. CEOs got millions for bonus when bank perfomed well, they gambled at high risk investment for bigger bonus. The last banks without the chair when the music stopped claimed tobe victims.

Just Vust a move!

I vusted in your mom's eye last night. She was a real vitch about it too, but damn she's a bixen.

Ownership society!

Edit: I love Springfield.



Edited 1 time(s). Last edit at 09/25/2009 10:59PM by Johnny Walker.

They're lucky Vatman wasn't on the case. They would have ended up with a lot of vroken vones and vlack eyes.

--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.

I say this is all vullshit.

VTW, just vecause someone vuys a house with vogus credit info doesn't mean they aren't really nice people.

-----------------------------------------------------------------
The function of conservatives is not to meet every liberal program or scheme with a denunciation or a destructive counterscheme, but rather to weigh its advantages and defects, supporting the first and challenging the second. A declaration of ideological warfare against liberalism is by its nature profoundly unconservative. It meets perceived radicalism with a counterradicalism of its own.

you mean aren't really vice people

OoglyMoogly Wrote:
-------------------------------------------------------
> you mean aren't really vice people

Technically speaking nice is correct. However if you are using "fat fingered" keyboard rules then vice, gice, hice could be correct.