Philip Abramowitz, Bank Fraud, Conspiracy to Commit Bank Fraud, Maryland 2016

Baltimore, Maryland – A federal grand jury has returned an indictment charging Philip Abramowitz, age 50, of Pikesville, Maryland, with bank fraud and conspiracy to commit bank fraud and Calvin Abramowitz, age 48, of Lakewood, New Jersey, with conspiracy to commit bank fraud, bank fraud, and for making false statements on a loan application.

The indictment alleges that from May 2016 to April 2017, Philip and Calvin Abramowitz conspired to defraud two financial institutions to obtain money and property under fraudulent pretenses. According to the indictment, the loan applications contained false information that misrepresented the financing of the purchases and the ownership interests and intentions of the involved parties.

Philip Abramowitz allegedly instructed family members to apply for and receive Federal Housing Administration loans in their names in order to finance the purchase of two of his Baltimore properties. Further, the indictment alleges that Philip and Calvin Abramowitz concealed Philip Abramowitz’s involvement in the real estate transactions and submitted false bank records and company filings during the loan application process to conceal the buyers’ and sellers’ familial relation.

Philip Abramowitz faces a maximum sentence of 30 years in federal prison for bank fraud and 30 years in federal prison for conspiracy to commit bank fraud. Calvin Abramowitz faces a maximum sentence of 30 years for bank fraud, a maximum of 30 years for conspiracy to commit bank fraud, and 30 in federal prison for making false statements on a loan application.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

United States Attorney Erek L. Barron commended HUD-OIG for their work in the investigation. Mr. Barron thanked Assistant U.S. Attorney Martin Clarke, who is prosecuting the federal case.

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