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Developer Convicted in Property Mortgage Scam
APRIL 26, 2012

BOSTON - A developer was convicted today in federal court in connection with a multi-year, multi-property mortgage fraud scheme.

Robert H. Odimegwu, 43, formerly of Dedham, pleaded guilty before U.S. District Judge Tauro to 13 counts of wire fraud and four counts of money laundering.

Had the case proceeded to trial the Government’s evidence would have proven that in 2005 and 2006, Odimegwu committed fraud in connection with a large number of condominium sales in Massachusetts. Odimegwu paid straw buyers to purchase individual units in buildings that Odimegwu controlled. 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. 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 and/or paid funds at the closings.

Judge Tauro scheduled sentencing for July 26, 2012. Odimegwu faces up to 20 years in prison, to be followed by three years of supervised release and a $250,000 fine on each count of wire fraud. The money laundering counts carry a maximum sentence of up to 10 years in prison to be followed by three years of supervised release and a $250,000 fine.

United States Attorney Carmen M. Ortiz; Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation - Boston Field Division; and William P. Offord, Special Agent in Charge of Internal Revenue Service’s Criminal Investigation in Boston made the announcement. The case is being prosecuted by Assistant U.S. Attorney Ryan M. DiSantis of Ortiz’s Economic Crimes Unit.


 

 

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