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Long Island Man Stole $4.7 Million in Mortgage Refinancing Proceeds
A brazen mortgage fraud scheme has been exposed after former unlicensed mortgage broker Brent Kaufman pleaded guilty to stealing $4.7 million in mortgage refinancing proceeds from his clients.
According to court filings, Kaufman worked as an unlicensed mortgage broker and often assisted clients in Queens and Long Island with refinancing their mortgages. However, between 2016 and 2019, Kaufman engaged in a scheme to defraud Home Point Financial Corporation, LoanDepot.com LLC, and United Wholesale Mortgage, among other lenders.
Kaufman provided incorrect wire routing information to the lenders, causing the funds to be transferred to bank accounts controlled by him instead of paying off the existing mortgages. As a result, his clients were left with two mortgages on their homes, and Kaufman stole the funds for his own personal use.
“With today’s guilty plea, Kaufman admits to stealing millions of dollars in a brazen mortgage fraud scheme that defrauded numerous lenders and left his homeowner-clients in danger of losing their homes to foreclosure,” said Acting U.S. Attorney Jacquelyn M. Kasulis. “This Office is committed to prosecuting defendants like Kaufman who are driven by greed to abuse the trust of innocent homeowners.”
Kaufman faces up to 30 years in prison, as well as forfeiture and a fine of up to $1 million. He is set to be sentenced at a later date.
“Not only did Kaufman steal his victims’ money, but he also violated their trust, leaving them financially vulnerable and at risk of significant financial complications,” stated FBI Assistant Director-in-Charge Michael J. Driscoll. “Collectively, his victims suffered millions of dollars in losses. Today’s guilty plea reminds us of the threat posed by those who prioritize their own financial interests above all else.”
The investigation was led by the FBI, Federal Housing Finance Agency, Office of Inspector General, and United States Postal Inspection Service. Acting Inspector-in-Charge Darnell D. Edwards stated, “This is a classic case of greed overcoming honest business practices, as Mr. Kaufman took advantage of his access to clients’ funds to enrich his own lifestyle. His actions left many in financial ruin, holding two mortgages and facing the threat of foreclosure. Law enforcement will always work tirelessly to bring individuals to justice for their crimes against the American public.”
Key Facts
- State: New York
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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