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Massachusetts Developer Charged in Mortgage Fraud Probe

NationalMortgageProfessional.com
Jul 05, 2011

Robert H. Odimegwo, a Dedham, Mass.-based developer, whas been charged in a superseding indictment in connection with a multi-year, multi-property mortgage fraud scheme in Massachusetts. He was charged by a federal grand jury with 13 counts of wire fraud and four counts of money laundering. The superseding indictment alleges that in 2005 and 2006, Odimegwo committed fraud in connection with multiple condominium sales in Massachusetts. According to the allegations in the superseding indictment, Odimegwo paid straw buyers to purchase individual units in buildings that Odimegwo controlled. The straw buyers’ financing for the purchases was obtained by submitting mortgage loan applications that falsely represented key information, such as the buyers’ income, employment, assets, and/or intention to reside in the condominiums. Deals were closed with HUD-1 settlement statements that falsely represented that straw buyers had made substantial down payments and/or paid significant funds at closings in connection with the property transactions. Each count of wire fraud carries a maximum sentence of imprisonment up to 20 years, followed by three years of supervised release and a $250,000 fine. Each count of money laundering carries a maximum sentence of imprisonment up to 10 years, followed by three years of supervised release, and a $250,000 fine.
Published
Jul 05, 2011
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