Kansas man pleads guilty to defrauding mortgage lenders – NMP Skip to main content

Kansas man pleads guilty to defrauding mortgage lenders

Sep 03, 2010

Jason L. Rabicoff of Overland Park, Kan. has pleaded guilty to taking part in a $3 million mortgage fraud scheme, said U.S. Attorney Barry Grissom. Rabicoff pleaded guilty to one count of wire fraud. In his plea, he admitted that in 2006 while he worked as a loan officer at Apex Financial in Olathe, Kan., he took part with his brother, Eric M. Rabicoff, and others in a scheme to defraud mortgage lenders. The conspirators arranged for straw buyers to purchase homes that were for sale by owners. They obtained financing for the deals by submitting false loan applications to lenders. False information including employment history, income and rent history was submitted in order for the straw buyers to obtain loans they would not otherwise qualify to receive. The scheme also called for contract prices to be increased and for conspirators to receive money by submitting false invoices to title companies at closing. Jason Rabicoff assembled loan files for straw buyers. He included false rent histories, as well as false employment and income amounts to ensure they would receive loans for which they did not qualify. In one case, Jason Rabicoff falsified a loan application for a house in the 4000 block of SW Marline in Lee’s Summit, Mo., resulting in the lender sending $379,227 to a title company for closing. Rabicoff is set for sentencing on Dec. 13, 2010. Other defendants include: ►Bora Ly, who is set for sentencing Dec. 6, 2010. ►Deborah Saulmon, who is set for sentencing Dec. 6, 2010. ►Anthony E. Carollo, who is set for sentencing Nov. 1, 2010. ►Rebecca Gelwix,, who is set for sentencing Nov. 8, 2010. ►Anthony Painton Jr.,who is set for sentencing Nov. 8, 2010. ►Eric M. Rabicoff, who is set for jury trial Oct. 5, 2010. ►Lucas R. Collier, who is set for jury trial Oct. 5, 2010. ►Kong Bun Ly, who is set for sentencing Dec. 6, 2010. ►Richard Ngek, who is set for jury trial Oct. 5, 2010. Grissom commended the Internal Revenue Service, Assistant U.S. Attorney Chris Oakley, Assistant U.S. Attorney Christine Kenney and Assistant U.S. Attorney Richard Hathaway for their work on the case. For more information, visit www.justice.gov.
About the author
Published
Sep 03, 2010
TRUE Releases AI Governance Guide Ahead Of Fannie Mae Deadline

Guide focuses on tracing mortgage data from borrower documents through AI validation, human review, and final LOS entry

AD Mortgage Warns Condo Eligibility Changes Could Restrict Conventional Financing

Wholesale lender cites internal loan data to urge regulators to monitor whether new condominium eligibility standards reduce access to conventional financing

CHLA Says Direct Payments Are Key To Small FHA Loans

The lender group says mortgages below $100,000 routinely lose money, while LO compensation rules could prevent federal incentives from reaching originators

Solidifi Clears FHA Certification For UAD 3.6 Integration

The appraisal management company says it is the first to complete certification for FHA’s modernized EAD platform, giving lender clients an early path toward implementation

Vought To Face Congress Over CFPB Overhaul, Enforcement Pullback

Vought’s testimony also comes as a new poll suggests the CFPB retains broad support across party lines

Illinois Changes Property Tax Foreclosure Process To Return Surplus Equity

Borrowers can save remaining home equity after delinquent property taxes and fees are paid