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CANTON MAN CHARGED IN PROPERTY MORTGAGE SCAM

FRIDAY, OCTOBER 29, 2010

BOSTON, Mass. - A indictment charging a Canton man with multiple counts of wire fraud in connection with a multi-year, multi-property mortgage fraud scheme was unsealed today in U.S. District Court.

PRINCE CHARLES EWEKA, 45, of Canton, was arrested this morning after being charged with eight counts of wire fraud in federal court on Wednesday. The indictment alleges that in 2006 and 2007, Eweka committed fraud in connection with condominium sales in two buildings in Dorchester. According to the charges, Eweka paid straw buyers to “purchase” individual units in buildings that Eweka controlled. Eweka allegedly promised straw buyers that they would not have to make down payments, pay funds at the closing, or be responsible for mortgage payments. The straw buyers’ financing for the purchases was obtained by submitting mortgage loan applications that falsely represented key information, such as the buyers’ income, assets, and/or intention to reside in the condominiums. The deals were closed with HUD-1 settlement statements that falsely represented that straw buyers had made substantial down payments in connection with the property transactions.

If convicted of the charges, Eweka faces a maximum sentence of 20 years imprisonment to be followed by three years of supervised release, and a $250,000 fine on each of the counts.

United States Attorney Carmen M. Ortiz, Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, and Robert Bethel, Postal Inspector in Charge of United States Postal Service, made the announcement today. It is being prosecuted by Assistant U.S. Attorney Ryan M. DiSantis of Ortiz's Economic Crimes Unit.

The details contained in the indictment are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

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Mortgage fraud is a key focus of the Department of Justice. The Department of Justice alongside its federal, state and local partners is committed to investigating and prosecuting significant financial crimes. The Department is committed to combating discrimination and fraud in the lending and financial markets, and recovering proceeds for victims of financial crimes.

 

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