Emiel A. Kandi, Mortgage Fraud, Washington 2009

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Table of Contents

Hard Money Lender Charged with Mortgage Fraud

A hard money lender who resides in University Place, Washington has been arrested and charged with conspiracy, making false statements on loan applications, and mail fraud.

Emiel A. Kandi, 36, was taken into custody by the FBI this morning and will make his initial appearance on the indictment in U.S. District court in Tacoma at 2:30 today.

“The business practices of this defendant harmed individuals who lost their homes. Then the lies told in mortgage documents harmed taxpayer-funded institutions such as the Federal Housing Administration,” said U.S. Attorney Jenny A. Durkan.

According to the indictment, between 2008 and 2009, Kandi submitted false information to obtain home mortgage loans. Some of these loans were designed to let Kandi cash out of properties that Kandi owned through his hard money lending. Kandi’s lending activities were typically secured by a borrower’s home and charged a high rate of interest.

The indictment details the false statements that were made in loan applications on properties in Kent, Puyallup, Roy, Gig Harbor, and Vancouver, Washington. In one instance detailed in the indictment, the falsified forms were sent to a lender in Texas via U.S. Mail resulting in the charge of mail fraud.

Kandi is charged with conspiracy, punishable by up to five years in prison and a $250,000 fine; making false statements in a loan application, punishable by up to 30 years in prison and a $1 million fine; and mail fraud, punishable by up to 20 years in prison and a $250,000 fine.

The charges contained in the indictment are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.