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Fifteen Indicted in NY Mortgage Fraud Scheme
WHITE PLAINS, NY – Fourteen defendants, including members of a family and a real estate attorney, were charged with mortgage fraud in connection with millions of dollars in loans secured by properties in Brooklyn, Manhattan, and Orange County, New York.
According to the indictment, IRVING RUBIN, a purported real estate developer, and his family members, including his son YEHUDA RUBIN, a mortgage broker and real estate developer, along with several relatives and associates, perpetrated a massive mortgage fraud scheme from 2004 to 2014.
The defendants allegedly lied to lenders about their financial status, using fake documents and identities to secure loans for properties valued in the millions. The scheme netted millions of dollars in ill-gotten gains.
U.S. Attorney Preet Bharara stated, "The charges unsealed today describe a sweeping and cynical fraud. As alleged, the scheme carried out by the Rubins and others ripped off banks, welfare programs, and taxpayers."
FBI Assistant Director George Venizelos added, "In a clear case of double dipping, the defendants convinced lenders of their affluence while allegedly accepting aid from government programs established for the benefit of those less fortunate."
Thirteen defendants were arrested today and will be arraigned in White Plains federal court. The indictment includes 21 counts, including conspiracy to commit bank and wire fraud, making false statements to lenders, aggravated identity theft, and theft of public money.
The case was investigated by the FBI, the Orange County Sheriff’s Office, and other agencies, with assistance from U.S. Attorney Preet Bharara’s office.
Orange County Sheriff Carl E. DuBois commended the work of investigators, saying, "This case originated from our office and demonstrates the importance of diligence and cooperation in fighting mortgage fraud."
The indictment details the alleged scheme, which involved IRVING RUBIN, his family members, and associates, including real estate attorney MARTIN KOFMAN and appraiser PINCHUS GLAUBER.
The charges are the result of a multi-year investigation by law enforcement agencies in New York and elsewhere.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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