Bowie Realtor Sentenced to 4 Years in $2 Million Mortgage Fraud Scheme
Greenbelt, Maryland – In a shocking turn of events, 38-year-old Michael Abobor, a licensed realtor from Bowie, Maryland, was sentenced to 51 months in prison for his role in a massive $2 million mortgage fraud scheme.
According to his plea agreement, Abobor submitted fraudulent loan applications for the purchase of homes in Maryland during the Spring and Summer of 2007. He purchased two homes in his own name and used the names and credit of various friends and family members to purchase the rest.
Abobor knowingly submitted false loan applications that contained inflated information about the borrower’s earnings and employers, as well as fake documents such as doctored W-2s and paystubs. The victim lending institutions funded loans that totaled hundreds of thousands of dollars, resulting in substantial commission payments to Abobor.
For example, on July 25, 2007, Abobor facilitated the purchase of a home in Bowie while serving as the buyer’s real estate agent. He knowingly submitted a false loan application that vastly inflated the buyer’s monthly income figures, resulting in a $375,000 loan.
Abobor received a commission payment of $5,499 and over $37,000 in “renovation” payments as part of this transaction. In all, he arranged at least seven fraudulent real estate transactions, causing more than $2,000,000 in intended losses to victim financial institutions.
Abobor was sentenced to 51 months in prison, followed by five years of supervised release. He was also ordered to forfeit $2,026,205 and pay restitution of $1,832,650.
The sentence was announced by United States Attorney Rod J. Rosenstein; Acting Inspector General Fred W. Gibson, Jr. of the Federal Deposit Insurance Corporation; Special Agent in Charge Kathy Michalko of the United States Secret Service – Washington Field Office; and Special Agent in Charge Cary A. Rubenstein of the Housing and Urban Development Office of Inspector General – Office of Investigations.
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