Jared Fanning, Mortgage Fraud, Maryland 2007

A Potomac man has been sentenced to 22 months in prison for his role in a $13 million mortgage fraud scheme.

Jared Fanning, 35, was sentenced by U.S. District Judge Peter J. Messitte in the District of Maryland on charges of wire fraud in connection with the scheme.

According to his guilty plea, Fanning helped real estate agents Michael Abobor, Daniel Ofei, and others obtain mortgages worth approximately $13 million from June 2006 through June 2007.

During that time, Fanning learned that the information provided by the agents for mortgage applications was probably false, but despite his concerns, he helped the agents obtain 24 mortgages totaling approximately $13 million.

As a result of the fraudulent scheme, financial institutions suffered over $4.5 million in actual losses.

Fanning was also ordered to pay restitution and forfeiture of $108,355.21, the amount of loss attributable to him resulting from the scheme.

This case was announced by United States Attorney for the District of Maryland Rod J. Rosenstein, Special Agent in Charge Kathy A. Michalko of the United States Secret Service – Washington Field Office, Acting Inspector General Fred W. Gibson, Jr., Federal Deposit Insurance Corporation, and Special Agent in Charge Cary A. Rubenstein, U.S. Department of Housing and Urban Development.

The Maryland Mortgage Fraud Task Force was established to unify the agencies that regulate and investigate mortgage fraud and promote the early detection, identification, prevention, and prosecution of mortgage fraud schemes.

This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force, which aims to investigate and prosecute financial crimes and protect consumers from fraud and promote the integrity of the credit markets.

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