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DALLAS/FORT WORTH HOMEBUILDER GUILTY IN MORTGAGE FRAUD SCHEME
PLANO, Texas – A Dallas/Fort Worth homebuilder pleaded guilty to a mortgage fraud scheme in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Yunus Mandli a/k/a Jonah Mandli, 63, of Rockwall, Texas, pleaded guilty to conspiracy to commit wire fraud on June 21, 2011 before U.S. Magistrate Judge Don D. Bush.
According to information presented In court, Mandli was the owner of Oxford Fine Homes, a company that built custom homes. As part of the mortgage fraud scheme, he and others caused material misrepresentations, including an inflated purchase price and fraudulent employment and income information, to be submitted to a mortgage lender. Mandli would then permit the excess funds distributed at closing to be paid out as kickbacks.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force.
President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
Mandli faces up to five years in federal prison, a $250,000 fine, and restitution for the victim.
This case is being investigated by the IRS, HUD-OIG, and FBI and is being prosecuted by Assistant U.S. Attorney Christopher A. Eason.