{"id":8382,"date":"2015-01-07T13:50:46","date_gmt":"2015-01-07T21:50:46","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=8382"},"modified":"2015-01-07T13:52:24","modified_gmt":"2015-01-07T21:52:24","slug":"greek-citizen-conned-mortgage-lenders-sentenced-eight-years","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=8382","title":{"rendered":"Greek Citizen Who Conned Mortgage Lenders Sentenced to Eight Years"},"content":{"rendered":"
\"FBI<\/a>
FBI Photo Image<\/figcaption><\/figure>\n

CONNECTICUT –\u00a0<\/strong>A man was sentenced Tuesday to more than eight years in prison for his role in concocting a mortgage fraud scheme that involved dozens of properties and resulted in nearly $5.7 million in losses to lenders.<\/p>\n

Filippos Milios<\/strong>, also known as Filip Milios, 56, of Newington, is a Greek citizen and will face a deportation hearing after his release from prison, officials said.<\/p>\n

U.S. District Judge Alvin W. Thompson<\/strong> in Hartford sentenced Milios, \u00a0who tried to flee the country, to more than eight years.<\/p>\n

On September 15, 2014, he pleaded guilty to one count of conspiracy to commit mail and bank fraud, and one count of conspiracy to commit money laundering.<\/p>\n

Officials said Milios and others conspired to defraud banks and mortgage lenders in obtaining dozens of mortgages for the sale of properties owned by Milios and others.<\/p>\n

The conspiracy involved the use of straw borrowers, false mortgage applications, false HUD-1 forms and fraudulent down payments in connection with the purchase of more than 50 houses primarily located in Hartford, New Haven and Middlesex counties, according to authorities.<\/p>\n

Here are the facts and circumstances surrounding this case, according to authorities:<\/strong><\/p>\n

    \n
  • As part of the scheme, Milios purchased properties, either in his own name, in a limited liability corporation in which he had an interest, or in the name of a co-conspirator.<\/li>\n
  • Milios and others then recruited borrowers to purchase these properties.<\/li>\n
  • Unbeknownst to the lenders who extended mortgages to the borrowers, Milios and his co-conspirators submitted fraudulent documents in connection with the loan applications, including false HUD-1 forms, employment verification letters and rental verification letters.<\/li>\n
  • Milios also made the down payments on behalf of the borrowers who were recruited to purchase the properties.<\/li>\n<\/ul>\n

    Attorney Gabriel Serrano,<\/strong> who served as a closing attorney for most of the fraudulent transactions, often released the seller\u2019s proceeds checks from closing to Miliosbefore receiving the down payment, and Milios\u00a0used the seller\u2019s proceeds checks to purchase the down payment check for the same transaction.<\/p>\n

    Officials said Milios also failed to disclose to mortgage lenders that he paid money to borrowers, mortgage brokers, and recruiters.<\/p>\n

    Milios also engaged in a money laundering conspiracy with Serrano. The conspiracy involved Serrano\u2019s disbursing the fraudulently-obtained loan proceeds to the private lenders who had loaned Milios money when he originally purchased the properties, officials said.<\/p>\n

    Lenders lost $5,692,813 as a result of this scheme.<\/p>\n

    Milios was originally charged by criminal complaint in January 2013 and has been detained since March 20, 2014, when his bond was revoked after he, while awaiting trial, made an attempt to flee the country on a shipping container vessel.<\/p>\n

    Milios, who is a citizen of Greece, faces immigration proceedings when he is released from prison.<\/p>\n

    On August 6, 2013, Serrano<\/strong> also pleaded guilty to one count of conspiracy to commit mail and bank fraud, and one count of conspiracy to commit money laundering. Seven other co-conspirators involved in this scheme have also pleaded guilty, officials said.<\/p>\n

    All the defendants are awaiting sentencing.<\/p>\n

    This case is being investigated by the U.S. Department of Housing and Urban Development\u2014Office of Inspector General, the Internal Revenue Service\u2014Criminal Investigation Division, the U.S. Postal Inspection Service and the FBI.<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    CONNECTICUT –\u00a0A man was sentenced Tuesday to more than eight years in prison for his role in concocting a mortgage fraud scheme that involved dozens of properties and resulted in nearly $5.7…<\/p>\n","protected":false},"author":1,"featured_media":3968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[1108],"class_list":["post-8382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-mortgage-fraud-scheme"],"yoast_head":"\nGreek Citizen Who Conned Mortgage Lenders Sentenced to Eight Years<\/title>\n<meta name=\"description\" content=\"A Greek Citizen who Conned Mortgage Lenders Sentenced to Eight Yearz\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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