Upstate NY Mortgage Brokerage Accused of Refi Fraud – NMP Skip to main content

Upstate NY Mortgage Brokerage Accused of Refi Fraud

NationalMortgageProfessional.com
Nov 08, 2013

U.S. Attorney William J. Hochul Jr. has announced that Michael Rory Woods of Buffalo, N.Y. was charged by criminal complaint with making false statements on a loan application in order to secure a refinance mortgage. The charges carry a maximum penalty of 30 years in prison, a fine of $1,000,000, or both. Assistant U.S. Attorney Kathleen A. Lynch, who is handling the case, stated that according to the complaint, the defendant falsely inflated the income of a borrower on a loan application submitted to JP Morgan Chase Bank. The borrower, James P. Vasiliou Jr., previously pleaded guilty to bank fraud in connection with making a false statement on a bank mortgage application. The complaint alleges that Woods, through his mortgage brokerage firm, Buffalo Equity, submitted an application for a refinance mortgage inflating Vasiliou’s income by thousands of dollars. A week later, Woods submitted another application on behalf of Vasiliou for a refinance mortgage on the same property that grossly inflated Vasiliou’s income three times as much as the income listed on the first application. The second loan was approved based on the exaggerated income of Vasiliou. As a result of the scheme, JP Morgan Chase Bank suffered a loss. The criminal complaint is the result of an investigation by the Mortgage Fraud Task Force of Western New York, led by the U.S. attorney’s office, which includes agents and personnel from the United States Secret Service, under the direction of Special Agent in Charge Tracy Gast, and the Federal Bureau of Investigation, under the direction of Special Agent in Charge Brian P. Boetig.
Published
Nov 08, 2013
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022