According to the 12 count indictment, Daiga worked at times as a mortgage loan broker and had assisted with property appraisals. Oshosanya also worked in the mortgage lending field. From August to December 16, 2008, the defendants allegedly recruited straw purchasers to apply for mortgages. These straw purchasers lacked the income and assets to qualify as borrowers or make the monthly mortgage payments. The defendants allegedly: filled out mortgage loan applications on behalf of the straw purchasers with false information about the straw purchasers' employment histories, earnings and assets; provided telephone numbers that were under their control to any person calling to confirm the false information regarding the straw purchaser's employment and earnings; generated fake monthly bank account statements to make it appear that the straw purchasers had sufficient assets to make the down payments, when instead, the defendants paid the down payments; on at least two occasions, used stolen information about another person's identity to apply for mortgage loans; caused appraisals to be performed that inflated the property values; and instructed the title companies to send a substantial part of the loan proceeds to the defendants, or to businesses that they controlled.
Two Indicted in Straw Buyer Scam
Two Charged in Millon Dollar Mortgage Fraud Scheme
Dwight Jenkins, 38, Dorchester, Massachusetts and Eric J. Archambault 39, Wrentham, Massachusetts, were charged in an Indictment with multiple counts of wire fraud and money laundering in connection with a mortgage fraud scheme which generated more than $1 million in profits and sending nine properties into foreclosure.
The Indictment alleges that from about August 2006 through February 2007, Jenkins and his associates recruited "straw buyers" for the purchase of nine properties for which Archambault brokered the mortgages. The nine properties identified in the Indictment were individual units in triple-deckers at 77, 80 and 85 Draper Street, and 35 Harwood Street, all in Dorchester, Masschusetts. These properties had been converted to condominiums shortly before the sales to the straw buyers. It is alleged that, although the straw buyers took title to the properties and obtained mortgages to finance the purchases, none of the straw buyers actually intended to live in the condominiums they bought or intended to repay the loans. Instead, it is alleged that Jenkins and his associates promised the straw buyers that Jenkins, or his company, would pay the mortgages, maintain the properties, find tenants and then re-sell the properties. Jenkinsand his associates allegedly promised most buyers they would be paid a fee for the use of their names and credit histories in securing the loans.For Details Click Here
