DC Real Estate Thief Gets 11.5 Years

WASHINGTON – Jeffrey M. Young-Bey, 68, of Washington DC, is facing over a decade behind bars after a jury found him guilty of a brazen scheme to steal residential properties and siphon off over $850,000 in fraudulent loans. U.S. Attorney Jeanine Ferris Pirro announced today that Young-Bey was sentenced to 138 months in prison.

The jury convicted Young-Bey on February 12, 2024, on a staggering twelve federal charges: one count of conspiracy to commit mail fraud and bank fraud, two counts of bank fraud, two counts of mail fraud, two counts of money laundering, and a hefty five counts of aggravated identity theft. In addition to the prison term, U.S. District Judge Colleen Kollar-Kotelly tacked on five years of supervised release, ensuring Young-Bey won’t be quietly slipping back into the shadows anytime soon.

The scheme, which began in November 2019, centered around identifying vulnerable homeowners – specifically, an elderly resident in the LeDroit Park neighborhood with a clear title to their townhome. Young-Bey didn’t bother with subtlety. He forged signatures, slapped on a fake notary stamp, and filed a fraudulent deed with the District of Columbia Recorder of Deeds, transferring ownership to a shell corporation he controlled. To add insult to injury, he sent a check to cover transfer taxes, then immediately put a stop payment on it, leaving the DC government holding the bag.

Once the fraudulent deed was in place, Young-Bey pitched a false narrative to a mortgage services business, claiming an inheritance and requesting a $360,000 loan against the stolen property. The loan was approved, and the funds were split evenly between Young-Bey and an associate. Young-Bey’s share? A shiny new BMW 3-Series, valued at around $23,000. But he didn’t stop there. He repeated the scam on a property in Shephard Park, again using forged documents and a fake notary. This time, he secured a construction loan exceeding $500,000, splurged on a $120,000 BMW 7-Series, and even managed to sell the home for an additional $42,000 profit before the scheme unraveled.

The house of cards came tumbling down when the legitimate real estate company purchased the Shephard Park property began renovations, alerting the rightful owners – who were understandably shocked to see construction crews tearing up their yard. The FBI’s Washington Field Office, spearheaded by Assistant Director in Charge Steven J. Jensen, led the investigation, with crucial support from the Metropolitan Police Department. Assistant U.S. Attorneys Christopher R. Howland and Kevin L. Rosenberg of the Fraud, Public Corruption, and Civil Rights Section prosecuted the case, with a team of legal professionals contributing to the effort.

This wasn’t just about stolen property; it was about preying on vulnerable citizens and exploiting the system for personal gain. The lengthy sentence sends a clear message: in DC, stealing homes and lining your pockets with fraudulent loans won’t be tolerated. The case number is 21cr661.

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