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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Ashburn man to serve 15 years for money laundering scheme
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Loudoun News
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Date: July 14, 2011 10:05AM
Ashburn man to serve 15 years for money laundering scheme
Wednesday, Jul. 13 by Laura Peters
http://www.loudountimes.com/index.php/news/article/ashburn_man_to_serve_15_years_for_money_laundering_scheme123/
An Ashburn man was sentenced to 15 years in prison July 11 for his involvement in an $8 million mortgage and money laundering scheme that was precipitated by him falsely gaining 21 mortgages.
Edilo A. Barahona, 49, falsified loan applications on 11 homes in eastern Loudoun, each having a $500,000 value, between 2005 and 2006.
Barahona was also convicted of stealing money from his business, E&M Sportswear in Washington, D.C. The Loudoun County Sheriff’s Office reported that Barahona’s business sold counterfeit sports merchandise.
According to authorities, Barahona was using the 11 homes to launder money from his business. He then tried to sell the homes at a higher price, but most of the homes were foreclosures.
In October 2006, deputies conducted a search warrant on a home on Riverpoint Drive in Landsdowne for an unrelated investigation. The search brought the mortgage fraud scheme to light.
Barahona pleaded guilty in March to four counts of false statements to obtain credit and one count of money laundering. Barahona is being held at the Loudoun County Adult Detention Center after being sentenced to 15 years in prison, with 60 days suspended, three years supervised probation and 300 hours of community service.
Wednesday, Jul. 13 by Laura Peters
http://www.loudountimes.com/index.php/news/article/ashburn_man_to_serve_15_years_for_money_laundering_scheme123/
An Ashburn man was sentenced to 15 years in prison July 11 for his involvement in an $8 million mortgage and money laundering scheme that was precipitated by him falsely gaining 21 mortgages.
Edilo A. Barahona, 49, falsified loan applications on 11 homes in eastern Loudoun, each having a $500,000 value, between 2005 and 2006.
Barahona was also convicted of stealing money from his business, E&M Sportswear in Washington, D.C. The Loudoun County Sheriff’s Office reported that Barahona’s business sold counterfeit sports merchandise.
According to authorities, Barahona was using the 11 homes to launder money from his business. He then tried to sell the homes at a higher price, but most of the homes were foreclosures.
In October 2006, deputies conducted a search warrant on a home on Riverpoint Drive in Landsdowne for an unrelated investigation. The search brought the mortgage fraud scheme to light.
Barahona pleaded guilty in March to four counts of false statements to obtain credit and one count of money laundering. Barahona is being held at the Loudoun County Adult Detention Center after being sentenced to 15 years in prison, with 60 days suspended, three years supervised probation and 300 hours of community service.