{"id":8748,"date":"2015-01-23T21:48:58","date_gmt":"2015-01-24T05:48:58","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=8748"},"modified":"2015-01-23T21:53:00","modified_gmt":"2015-01-24T05:53:00","slug":"michigan-man-sentenced-15-months-swindling-banks-nearly-400000","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=8748","title":{"rendered":"Michigan Man Sentenced to 15 Months for Swindling Banks Out of Nearly $400,000"},"content":{"rendered":"

\"L\"<\/a>MICHIGAN – \u00a0<\/strong>A man was sentenced to 15 months in prison for defrauding five banks out of nearly $400,000 by providing false information on loan applications, officials said.<\/p>\n

Wasseem Shamoun<\/strong> plead guilty in August to conspiracy to commit bank fraud.<\/p>\n

The superseding indictment alleged that from around January 2006 to December 2008, Shamoun, of Northville, Michigan, and his six other co-defendants conspired to defraud financial lending institutions to obtain residential mortgage loans by providing fraudulent information on loan applications.<\/p>\n

The defendants cooked up a scheme to purchase single-family homes for approximately $5,000 to $40,000 each, and then recruited straw buyers to submit fraudulent loan applications for home mortgages substantially above the original purchase price, officials said.<\/p>\n

The loan applications falsified the straw buyers\u2019 assets, income and down payment, among other things, according authorities.<\/p>\n

Officials said the straw buyers were paid fees for their participation, which were sometimes falsely disguised as \u201clandscaping\u201d or \u201cconstruction\u201d fees.<\/p>\n

The conspirators made a substantial profit and paid themselves commissions on the sales, officials said.<\/p>\n

Every home purchased and sold as part of the scheme went into foreclosure.\u00a0 According to court documents, Shamoun\u2019s role in the conspiracy was to sell properties to the straw buyers.<\/p>\n

Authorities said Shamoun was directly responsible for a criminal loss of approximately $394,000.<\/p>\n

In addition to the seven individuals indicted in the case, two others connected to the scheme have plead guilty.<\/p>\n

One individual is a straw buyer of multiple properties who received substantial fees as part of the scheme. \u00a0The other individual is a mortgage broker who assisted in the preparation of the false mortgage loan applications. \u00a0<\/span><\/p>\n

Both are awaiting sentencing in their cases and are presumed innocent until proven guilty.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

MICHIGAN – \u00a0A man was sentenced to 15 months in prison for defrauding five banks out of nearly $400,000 by providing false information on loan applications, officials said. 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