Arizona Loan Officer Indicted for Refi Fraud

A federal grand jury in Tucson, Ariz. has returned an indictment against Juan Delgado, also of Tucson, Ariz., charging the defendant with four counts of wire fraud. According to the indictment, Delgado received more than $1 million in loans relating to the refinancing of three separate Tucson properties from March 2006 through July 2007. In obtaining these loans, Delgado submitted loan applications that contained material false information including falsely inflating his income and/or failing to disclose a liability. At the time of these loan transactions, Delgado was a loan officer. Each of the properties specified in the indictment went into foreclosure. An indictment is simply the method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that establishes guilt beyond a reasonable doubt. A conviction for wire fraud carries a maximum penalty of 20 years’ imprisonment, a $250,000 fine or both for each count. In determining the actual sentence, the judge will consult the U.S. Sentencing Guidelines, which provide appropriate sentencing ranges. The judge, however, is not bound by those guidelines in determining a sentence. The investigation preceding the Indictment was conducted by the Federal Bureau of Investigations (FBI). The prosecution is being handled by Jonathan Granoff, Assistant U.S. Attorney, District of Arizona, Tucson.