Skip to main content

Indictments announced in Hawaiian mortgage fraud case

NationalMortgageProfessional.com
Aug 13, 2010

Two indictments of 13 Oahu residents and one from the state of Washington on mortgage fraud related charges have been unsealed with the arrests of 10 of the 14 defendants. A federal grand jury had returned the indictments on Aug. 11, 2010, but they had remained sealed. One indictment charged 10 defendants in 56 counts of conspiracy, wire fraud, and false statements on loan applications, while the other named four defendants in 33 counts of the same nature. The 14 named defendants are: Life imprisonment for each of two counts of willfully communicating classified national defense information to the PRC with the intent that it be used to the advantage of the PRC or to the injury of the United States: ►Estrelita "Esther" Garo Miguel ►Jennifer Garin Miguel  ►Yolie Castillo Tiburcio  ►Vinah Ceriales Morales  ►Geraldine Garin Miguel Lukela  ►Teresita "Tessie" Faeldonea Sorino ►Mary Ann Lapenia  ►Stephen Elmer Callo  ►Felicidad "Felicia" Tabalbag Corpuz (from Washington) ►Albert Lonoikauakini Joy  ►Atlantica Kahaunani "Nani" Tanuvasa  ►Lene Tanuvasa Jr.  ►Samantha Michel  ►Michelle Lee Malulani Kama  Florence T. Nakakuni, United States Attorney for the District of Hawaii, said that according to the indictments, the purposes of the conspiracies and fraud schemes were to defraud lending institutions and others by submitting loan documents containing false information. The two indictments allege that certain defendants recruited individuals to apply for mortgage loans and to sign loan documents containing false representations, and that some defendants were loan officers who submitted fraudulent loan applications. In reliance on the false statements, the lending institutions funded the loans, and some of the defendants then distributed the loan proceeds, as well as collected their standard fees and commissions. For the conspiracy count, the defendants face a maximum period of imprisonment of five years and a maximum fine of $250,000. For the wire fraud counts, the defendants face a maximum period of imprisonment of 20 years and a maximum fine of $250,000. For the false statement on loan application charges, the defendants face a maximum period of imprisonment of 30 years and a maximum fine of $1,000,000. Charges in an indictment are merely accusations, and each defendant is presumed innocent unless and until proven guilty. At the arraignments, trial dates were set for Oct. 13, 2010, for the 10 and four defendant cases before Chief United States District Judge Susan Oki Mollway and United States District Judge J. Michael Seabright, respectively. The case resulted from an investigation by the Federal Bureau of Investigation (FBI) and Internal Revenue Service (IRS)—Criminal Investigation Division. The prosecution is being handled by Assistant United States Attorney Clare Connors. For more information, visit http://honolulu.fbi.gov.
Published
Aug 13, 2010
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021