Avraham Tarshish, Real Estate Fraud, New York 2024

Brooklyn Business Owner Convicted of Multi-Million Dollar Real Estate Fraud Scheme

A federal jury in Brooklyn returned a guilty verdict yesterday against Avraham Tarshish for conspiracy to commit wire fraud and bank fraud, and related wire fraud counts, in connection with a scheme to defraud mortgage loan holders, including the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and other mortgage lending businesses.

The verdict followed a 12-day trial before Chief United States District Judge Margo K. Brodie. When sentenced, the defendant faces up to 30 years in prison.

Breon Peace, United States Attorney for the Eastern District of New York, Robert Manchak, Special Agent in Charge, Federal Housing Finance Agency, Office of Inspector General, Northeast Region (FHFA-OIG), Vicky Vazquez, Special Agent in Charge, U.S. Department of Housing and Urban Development, Office of Inspector General, Northeast Region (HUD-OIG) and Thomas M. Fattorusso, Special Agent in Charge, Internal Revenue Service-Criminal Investigation, New York (IRS-CI) announced the verdict.

‘The defendant defrauded taxpayer-funded mortgage loan holders out of millions of dollars and took advantage of programs designed to help distressed property owners in need,’ stated United States Attorney Peace. ‘Short sale mortgage fraud not only harms lending intuitions, it also depresses real estate values throughout our neighborhoods and prevents community members from gaining fair access to housing. Today’s guilty verdict should serve as a reminder that my Office, together with our law enforcement partners, will continue to vigorously prosecute those who corruptly line their pockets at the expense of mortgage lenders and borrowers.’

Mr. Peace expressed his appreciation to the United States Department of Homeland Security, Homeland Security Investigations, New York Field Office (HSI), and the HSI El Dorado Financial Crimes Task Force for their work on the case.

The defendant was an employee of My Ideal Property Inc. and an owner of Exclusive Homes Realty Group, Inc., Exclusive Homes NY, LLC and Homeowners Solutions Group LTD, Queens- and Brooklyn-based companies formed to buy and sell real property. Between March 2013 and November 2018, the defendant and others conspired to defraud mortgage lenders, misleading them into approving short sale transactions at fraudulently depressed prices. In a short sale, with the approval of the mortgage lender or servicer, a mortgage loan borrower sells his or her property for less than the outstanding mortgage balance.

‘The defendant and his co-conspirators corrupted a process meant to assist homeowners facing foreclosure. By undermining the integrity of this process, Fannie Mae, Freddie Mac, and other lenders were deprived of millions of dollars,’ said Robert Manchak, Special Agent-in-Charge of FHFA-OIG’s Northeast Region. ‘Today’s verdict demonstrates the resolve of the Federal Housing Finance Agency Office of Inspector General and its law enforcement partners to pursue those who defraud the government-sponsored enterprises.’

Source: https://www.justice.gov/usao-edny/pr/brooklyn-business-owner-convicted-multi-million-dollar-real-estate-fraud-scheme