Lockport’s Vasiliou Sentenced for Mortgage Fraud

LOCKPORT, N.Y. – The grim tale of James P. Vasiliou Jr.’s fraudulent mortgage dealings has reached its conclusion with the 49-year-old Lockport man being sentenced to a stretch of home detention and electronic monitoring after his conviction for bank fraud.

In a gritty courtroom under U.S. District Court Judge Richard J. Arcara’s watch, Vasiliou was handed a sentence that includes nine months of home detention alongside time served, in addition to a substantial financial penalty. The sentence is a result of Vasiliou’s deceitful practices that led to the defrauding of Bank of America and JP Morgan Chase.

According to Assistant U.S. Attorney Trini E. Ross, Vasiliou’s deception was bold. He not only submitted a false application to refinance a property at 40 Ashley Street in Lockport by overstating his income but also filed 15 additional fraudulent mortgage loan applications with other financial institutions.

The charges are part of an aggressive clampdown on financial crime spearheaded by President Barack Obama’s Financial Fraud Enforcement Task Force. This interagency task force, which includes federal agencies, regulatory authorities, inspectors general, and state and local law enforcement, has been working tirelessly to combat financial crimes, ensure just punishment for those who commit them, and recover proceeds for the victims.

This sentence is a testament to the relentless efforts of law enforcement. Special Agents from the Federal Bureau of Investigation, the United States Secret Service, the Housing and Urban Development Office of Inspector General, and the Western District of New York Mortgage Fraud Task Force have all played crucial roles in this investigation.

For Vasiliou, the consequences are severe. He is ordered to pay a total restitution of $470,930.08, a figure that includes $194,285 to Bank of America and $276,645.08 to JP Morgan Chase. As he begins his sentence, the community of Lockport hopes this sends a clear message about the repercussions of financial fraud.