Mohsin Raza, Wire Fraud, Virginia 2016
Alexandria, VA - A federal jury in Virginia has convicted four individuals of conspiracy to commit wire fraud affecting a financial institution and various counts of wire fraud affecting a financial institution.
The defendants, Mohsin Raza, 51, his wife Humaira Iqbal, 39, and her two brothers, Farukh Iqbal, 41, and Mohammad Ali Haider, 33, all of Chantilly, were accused of falsifying loan applications for borrowers and purchasing fake tax documents to support the false loan applications.
According to court records and evidence at trial, Raza, who was then employed at Bank of America, was hired by SunTrust Mortgage (STM) as a vice president in 2005. He hired his wife and her brothers to work as loan officers. From 2006 until 2007, they falsified loan applications for borrowers and purchased fake tax documents to support the false loan applications.
SunTrust Mortgage underwriters in Richmond approved the loans based in large part upon the fake documents in the files, and borrowers were given loans to buy homes that they could not afford.
Raza and the other defendants were indicted on April 23, 2015. They will be sentenced on April 29, 2016, and face a maximum penalty of 30 years in prison on each of the charges.
The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.
The case was prosecuted by Assistant U.S. Attorney Jack Hanly and Special Assistant U.S. Attorney Joseph A. Capone.
A copy of this press release may be found on the website of the U.S. Attorney's Office for the Eastern District of Virginia.
Key Facts
- State: Virginia
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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