FORMER BOSTON REAL ESTATE LAWYER SENTENCED TO FOUR YEARS IN PRISON
BOSTON, Mass. - An former Boston lawyer was sentenced yesterday in federal court for his role in an area mortgage fraud scheme.
QUANG JOSEPH NGUYEN, 35, of Orlando, Fla., was sentenced by U.S. District Judge Rya W. Zobel to four years in prison to be followed by three years of supervised release, and ordered to pay $1.1 million. in restitution. On February 16, 2011, NGUYEN pleaded guilty to one count of bank fraud and six counts of wire fraud
Had the case proceeded to trial the Government’s evidence would have proven that NGUYEN, a now disbarred attorney and former principal of the law firm Nguyen & Associates, P.C., represented lenders in the course of 10 fraudulent mortgage transactions secured by four properties in Quincy and Hyde Park. During this representation NGUYEN defrauded the lenders by submitting false loan applications in his name and the in names of others. In addition, on several occasions NGUYEN issued fraudulent title insurance policies reflecting that the lender was in first lien position, when in fact NGUYEN had caused multiple “first” mortgages to be placed on a single property, known as “mortgage stacking.” All of the properties were foreclosed upon and, as a result of his conduct, the title insurance company and the lenders suffered over $1.8 million in losses.
U.S. Attorney Carmen M. Ortiz and Robert Bethel, Inspector In Charge of U.S. Postal Inspection Service made the announcement today. The case was prosecuted by Special Assistant U.S. Attorney Andrea D. Roller and Assistant U.S. Attorney Sarah E. Walters of Ortiz’s Economic Crimes Unit.