Joseph J. Beccia, Mortgage Fraud Scheme, Parma OH, 2023

Two individuals have been charged with orchestrating a massive mortgage fraud scheme in Ohio that involved six luxury properties and resulted in over $3.3 million in losses for lenders. United States Attorney Steven M. Dettelbach announced the charges against Joseph J. Beccia, 60, of Parma, and Alex F. Blackmore, 49, of Bronx, New York.

According to federal information, Beccia and his company, Horizon Construction, built six luxury properties in Medina without securing buyers. He listed them for sale at prices matching their market value, but soon found himself in financial trouble after struggling to sell the homes. Enter Joseph Jones, a previously convicted mortgage fraud schemer who met Beccia through a real estate agent.

Jones proposed a scheme to Beccia involving individuals willing to purchase properties under false names. He advised raising the sale prices and taking control of loan interactions. Beccia agreed to sell the properties at inflated prices, and Jones secured mortgage loans using false information.

Blackmore was enlisted as a straw buyer for some properties. He was promised cash back after each closing without needing to provide down payments. The scheme involved preparing new purchase agreements with higher prices to satisfy the required loan amounts. Beccia and T.F. were prepared to collect money from the sales, while Jones would keep additional profits.

The information charges both Beccia and Blackmore with conspiracy to commit bank fraud and wire fraud in the mortgage fraud scheme.

This case serves as a stark reminder of the lengths some will go to in order to profit from financial manipulation. The investigation is ongoing, and further details are expected to be released as the case progresses.

RELATED: Medina Mortgage Scheme Nets Five in $4.1M Fraud