Ashburn Realtor Convicted in $7 Million Mortgage Fraud Scheme

702_870_help7 retweets

  Ashburn Realtor Convicted in $7 Million Mortgage Fraud Scheme

ALEXANDRIA, VA—Nadin Samnang, 29, of Ashburn, Virginia, has been convicted by a federal jury for his role in fraudulent mortgage loan transactions involving at least 25 homes in Northern Virginia and more than $7 million in losses to lenders. Samnang is a District of Columbia real estate developer and was formerly a realtor with Monorom Realty and Fairfax Realty in Virginia.

Neil H MacBride, United States Attorney for the Eastern District of Virginia; Daniel Cortez, Inspector in Charge of the Washington Division of the United States Postal Inspection Service; and James W McJunkin, Assistant Director in Charge of the FBI’s Washington Field Office, made the announcement after the verdict was accepted by United States District Judge Gerald Bruce Lee.

Samnang was convicted on April 27, 2012 of conspiracy, nine counts of wire fraud, and two counts of mail fraud. He faces a maximum penalty of 20 years on each count when he is sentenced on July 20, 2012. Samnang was indicted on December 13, 2011.

According to court records and evidence at trial, from 2006 to 2008, Samnang used his position as a realtor and the owner of a title company to engage in a scheme to defraud mortgage lenders and profit from loan proceeds, commissions, and bonus payments.

Samnang and other members of the conspiracy recruited unqualified buyers—usually individuals with good credit but insufficient assets or income to qualify for a particular loan—and used them as nominal purchasers in residential real estate transactions. As part of the conspiracy and fraud scheme, Samnang and others falsified mortgage loan applications, created fake documents to support the fraudulent applications, and added the unqualified buyers as signatories on their bank accounts to make it appear to lenders as though the buyers possessed sufficient assets to qualify for the loans.

As part of the scheme, Samnang would often profit by flipping properties owned by him and his family members to these unqualified buyers using fraudulent loan documents. When Samnang’s promise of flipping the properties to other purchasers a few months down the line failed to be fulfilled, and when the kickbacks given to the buyers to fund mortgage payments were exhausted, the unqualified buyers promptly defaulted on their loans and the properties went into foreclosure. Samnang would also profit by arranging for cash-out refinances to be done for these borrowers, retaining most of the loan proceeds for himself, and paying kickbacks to the loan officer who had processed the fraudulent loans.

This ongoing investigation is being conducted by the United States Postal Inspection Service and the FBI’s Washington Field Office.

Assistant United States Attorneys Paul J Nathanson and Kosta S Stojilkovic are prosecuting the case on behalf of the United States.

A copy of this press release may be found on the website of the United States Attorney’s Office for the Eastern District of Virginia at http://www.justice.gov/usao/vae .

Reported by: FBI

Published on: 2012-05-01

Social Bookmarking

There are currently 0 comments to display.

There are currently 77453 people browsing 7thSpace

Headlines in images

ESPN wins the most racist headline of the decade cont...

Picture of daguilar6
19 Feb 2012
I mean, cmon ESPN. Unless you have a stone-racist writing your headlines, a high school paper would've caught this.

Seriously, who writes these headlines?

Picture of daguilar6
1 Jun 2012
OMG! "6,000 RIM jobs on the line" @Seanismoney @BryanAGraham Seriously, who writes these headlines?

A montage of the post-Budget newspaper fromntpages (n...

Picture of daguilar6
22 Mar 2012
Hard to imagine a worse set of budget headlines via @nigelBarlow

Headlines in videos

Banking shares boosted by new UK stimulus proposal --...

Picture of daguilar6
15 Jun 2012
IG's Morning Market Headlines: #FTSE +30 at 5498; #Banks helped by #Osborne’s £100bn plan; Greek exit polls on Sunday

FTSE 100 makes cautious gains as investors go on defe...

Picture of daguilar6
12 Jun 2012
IG's Morning Market Headlines: #FTSE +20 @ 5450; #Spain's bond yields rising above 6.5%, #Italy next in the firing line

Democracy Now! National and Global News Headlines for...

Picture of daguilar6
8 Jun 2012
Our summary of today's top news headlines. Watch it! It's only 14 minutes long.

Headlines in articles

FBI Wants Backdoors in Facebook, Skype and Instant Me...


FBI Wants Backdoors in Facebook, Skype and Instant Messaging
The FBI has been lobbying top internet companies like Yahoo and Google to support a proposal that would force them to provide backdoors for government surveillance, according to CNET. The Bureau has been quietly meeting with representatives of these companies , as well as Microsoft (which owns Hotmail and Skype), Facebook and others to argue for a legislative proposal, drafted by the FBI, that would require social-networking sites and VoIP, instant messaging and e-mail providers to alter their code...

Picture of daguilar6
7 May 2012

BP Oil Spill Aftermath: Eyeless Shrimp, Clawless Crab...

Picture of daguilar6
22 Apr 2012
BP Oil Spill Aftermath: Eyeless Shrimp, Clawless Crabs and Fish with Oozing Sores via @kr3at headlines

indorealtee on the stage

Picture of daguilar6
15 Mar 2012
) RT @classicroWT Videos You May Like Exe Crew

Headlines in sites

Fortress Capital

Picture of daguilar6
11 May 2012
Global Economy Vulnerable As Risk Off Headlines Widespread: We have been seeing some concer...

CMT Radio Live with Cody Alan


CMT Radio Live with Cody Alan
CMT Radio Live with Cody Alan is all about country music and entertainment! Cody broadcasts from the CMT studios, with big star guests from Nashville and Hollywood. Plus, live nationwide calls from fans, the daily dirt and awesome access to events only CMT can deliver!

Picture of daguilar6
11 Aug 2009


Picture of daguilar6
24 Nov 2010
【風化阻止】生物多様性条約第10回締約国会議(COP10)の開会式で菅直人首相は、途上国の生態系保全のため、今年から3年間で20億ドル(約1630億円)の支援を行うと表明した。 ##jpn