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Table of Contents

New Orleans Loan Scheme Unravels

A New Orleans man has been sentenced for his role in a fake loan scheme that left the Federal Housing Administration (FHA) with over $852,000 in losses. According to court documents, Patrick Healey, 34, made false statements to the FHA in order to assist low-income borrowers in qualifying for FHA-insured loans.

Healey, a former employee of ABC Homes, LLC, worked with two co-defendants, Jared Castellaw and Valerie Schones, to make the false statements. The scheme ran from October 2008 to May 2009, during which time the FHA suffered a loss in excess of $852,415.

U.S. Attorney Peter G. Strasser praised the work of the Department of Housing and Urban Development, Office of Inspector General and the Federal Bureau of Investigation in uncovering the scheme. The case is being prosecuted by Assistant U.S. Attorneys Sharan E. Lieberman and Edward J. Rivera.

Healey was sentenced to time served, supervised release of 5 years, a special assessment of $100, and ordered to pay restitution in the amount of $852,415. The sentence is a significant blow to Healey, who had been hoping to avoid further punishment.

The FHA loan scheme is just one example of the many cases of financial fraud that are occurring in the United States. The Federal Housing Administration provides critical support to low-income borrowers, and schemes like Healey’s can have serious consequences for these individuals and their communities.

Healey’s case serves as a reminder of the importance of accountability in the financial industry. The FHA relies on the honesty and integrity of its employees and partners to ensure that its programs are running smoothly and that borrowers are not taking advantage of the system.

As the investigation into Healey’s scheme continues, it is clear that the FHA is taking a hard stance against financial fraud. The agency is working closely with law enforcement and regulatory agencies to prevent similar schemes from occurring in the future.

Healey’s sentencing is a significant step forward in the fight against financial fraud. It serves as a reminder that those who engage in this type of behavior will be held accountable for their actions.