Former SunTrust Mortgage VP and Loan Officers Sentenced to Prison

ALEXANDRIA, Va. – Mohsin Raza, 51, and his wife, Humaira Iqbal, 40, of Woodbridge, were sentenced to 24 months and 15 months in prison, respectively, for conspiracy and wire fraud affecting a financial institution.  

The four defendants were convicted by a federal jury on Feb. 3.  According to court documents and evidence presented at trial, in 2005 Raza was hired by SunTrust Mortgage (STM) as a vice-president tasked with opening an office in Annandale.  Raza hired his wife and her brothers, Farukh Iqbal, 41, and Mohammad Ali Haider, 33, both of Chantilly, to work as loan officers at SunTrust Mortgage.  From 2006 until 2007, when the defendants left SunTrust Mortgage, they falsified loan applications for borrowers and purchased fake tax documents to support the false loan applications.  SunTrust Mortgage underwriters in Richmond approved the loans totaling several million dollars based in large part upon the fake documents in the files, and ultimately borrowers were given loans to buy homes that they could not afford.

Iqbal and Haider were each sentenced today to one year and one day in prison.  In addition to their prison sentences, Raza and Humaira Iqbal were also ordered to forfeit two properties and $40,000 and pay restitution to victims in the amount of $1,923,324.53.

Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; Paul Abbate, Assistant Director in Charge of the FBI’s Washington Field Office; and Olga Acevedo, Special Agent in Charge, Federal Housing Finance Agency Office of Inspector General, made the announcement after sentencing by U.S. District Judge Claude M. Hilton.  Assistant U.S. Attorney Jack Hanly and Special Assistant Attorney Joseph Capone prosecuted the case.

A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia.  Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:15-cr-118.