BOSTON – In a stunning turn of events, Jasmin Polanco, 37, a Methuen real estate closing attorney, and Vanessa Ricci, 40, a loan officer from Methuen, have both pleaded guilty to conspiracy to commit bank fraud. This comes after an extensive investigation into a massive mortgage fraud scheme that preyed on banks and mortgage companies through fraudulent ‘short’ sales in Merrimack Valley.
Polanco and Ricci each face one count of conspiracy to commit bank fraud. Polanco’s sentencing is scheduled for June 22, 2017, while Ricci has been set to appear before Senior Judge Douglas P. Woodlock on that date. Meanwhile, a Methuen real estate broker, Greisy Jimenez, 49, was arrested and indicted this week on two counts of bank fraud and one count of conspiracy to commit bank fraud.
The alleged scheme spanned from August 2007 to June 2010, coinciding with the peak of the financial crisis. During this period, Polanco, Ricci, Jimenez, and others are accused of manipulating short sales in Haverhill, Lawrence, and Methuen. These transactions were intended to free sellers from their mortgage debts while allowing them to stay in their homes, all under false pretenses.
According to charging documents, the conspirators falsely represented the sales as arms-length transactions between unrelated parties. They also submitted fraudulent earnings statements and ‘HUD-1 Settlement Statements’ to induce banks to finance these deals. In reality, the sellers remained in the properties with their debts substantially reduced.
The charges highlight a brazen effort by organized criminals to exploit the financial system during a critical time of economic hardship. The conspiracy’s endgame was to enrich itself through fraud while leaving banks and legitimate homeowners at risk.
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Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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