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Justice News

Department of Justice
U.S. Attorney’s Office
Western District of New York

FOR IMMEDIATE RELEASE
Thursday, January 9, 2014

NYC Man Pleads Guilty for his Role in Scheme Against Local Mortgage Company

 

          ROCHESTER, N.Y.--U.S. Attorney William J. Hochul, Jr. announced today that Sean Ola-Ojo, 33, from Queens, N.Y., pleaded guilty to a felony charge for his role in a mortgage fraud scheme, before U.S. District Judge David H. Larimer. The defendant faces up to 41 months in prison when sentenced.

Assistant U.S. Attorney John J. Field, who is handling the case, stated that Ola-Ojo was indicted along with co-defendants Angelo Louissaint and Jennifer Johnson. The defendants organized a scheme to obtain large mortgage loans from Flaherty Funding. The defendants recruited straw-buyers to purchase five properties in the New York City area at substantially inflated prices. These buyers did not qualify for the financing sought, and had no intention of repaying the mortgages or of occupying the properties. To make the straw-buyers appear wealthier than they actually were, the defendants submitted falsified income, asset and down payment information to Flaherty Funding. Virtually every supporting document submitted by the defendants on behalf of the straw-buyers was forged or altered, including the Form W-2s, earnings statements, bank account statements, and down-payment checks. As a result of their scheme, Flaherty Funding approved approximately $1,700,000 in loans.

Charges are still pending against co-defendants Angelo Louissaint and Jennifer Johnson. The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

This plea is the culmination of efforts by the United States Postal Inspection Service, Boston Division, under the direction of Inspector in Charge Kevin Niland, the United States Postal Inspection Service, New York Division, under the direction of Inspector in Charge Ronald Verrochio, and the Federal Bureau of Investigation, under the direction of Brian P. Boetig, Special Agent in Charge.