North Hills Man Pleads Guilty In Mortgage Fraud Scheme
PITTSBURGH, Pa. ‑ A resident of Wexford, Pennsylvania, pleaded guilty in federal court to a charge of wire fraud conspiracy, United States Attorney David J. Hickton announced today.
Dean Rodriguez, 41, pleaded guilty to one-count before Senior United States District Judge Alan N. Bloch.
In connection with the guilty plea, the court was advised that Rodriguez participated in a mortgage fraud conspiracy in which he and another individual, working for two different mortgage broker companies, submitted loan applications to lenders that contained false representations related to the borrowers' income, assets, and whether they intended to reside at the properties serving as collateral for the loan as their primary residence. In addition, with the assistance of another individual, Rodriguez participated in real estate closings that were fraudulent in that the conspirators represented to the lenders that the borrowers had made substantial down payments associated with the acquisition of the properties, when in fact they had not.
Judge Bloch scheduled sentencing for June 2, 2011. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.
Assistant United States Attorney Brendan T. Conway is prosecuting this case on behalf of the government.
The Mortgage Fraud Task Force conducted the investigation that led to the prosecution of Rodriguez. The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry. Federal law enforcement agencies participating in the Mortgage Task Force include the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigation; the United States Department of Housing and Urban Development, Office of Inspector General; the United States Postal Inspection Service; and the United States Secret Service. Other Mortgage Fraud Task Force members include the Allegheny County Sheriff's Office; the Pennsylvania Attorney General's Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee's Office.
Mortgage industry members with knowledge of fraudulent activity are encouraged to call the Mortgage Fraud Task Force at (412) 894-7550. Consumers are encouraged to report suspected mortgage fraud by calling the Pennsylvania Attorney General's Consumer Protection Hotline at (800) 441-2555.
Protect yourself from fraud, and report suspected cases of financial fraud to local law enforcement.