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Developer/Real Estate Agent Sentenced to 60 Months in Prison for Orchestrating Multi-Million Dollar Property Mortgage Scam
JULY 26, 2012

BOSTON - A developer was sentenced today in federal court for orchestrating a multi-property, multi-million dollar mortgage fraud scheme in Massachusetts.

Robert H. Odimegwu, 44, of Dedham was sentenced by U.S. District Judge Joseph L. Tauro to 60 months in prison, to be followed by three years of supervised release. Judge Tauro also ordered the defendant to pay over $2.6 million in restitution and forfeit over $1.5 million as part of his sentence. Odimegwu entered guilty pleas to 13 counts of wire fraud and four counts of money laundering on April 26, 2012.

Had the case proceeded to trial the Government’s evidence would have proven that in 2005 and 2006, Odimegwu, a developer and real estate agent, 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 a substantial down payment in connection with the property transactions and/or paid significant funds at the closings. Odimegwu obtained over $1.5 million in seller proceeds from the fraud.

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 today. The case was prosecuted by Assistant U.S. Attorney Ryan M. DiSantis of Ortiz’s Economic Crimes Unit.


 

 

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