Laurence Savedoff, Bank Fraud, New York 2023

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Mortgage Fraud Scandal Rocks Buffalo

Buffalo, NY – Four individuals have been indicted on mortgage fraud charges after allegedly engaging in a scheme to obtain mortgages for borrowers who would not have qualified otherwise.

According to the indictment, Gregory Gibbons, 50, of Thornwood, NY; Julio Rodriguez, 51, of Bronx, NY; Laurence Savedoff, 42, of New City, NY, and Tina Brown, 40, of Bronx, New York, conspired to commit wire and mail fraud affecting financial institutions, wire and mail fraud affecting financial institutions, and bank fraud.

The charges carry a maximum penalty of 30 years in prison and a $1,000,000 fine.

“Persons who engage in mortgage fraud undermine the American dream of home ownership,” said U.S Attorney William J. Hochul Jr. “Such actions – if successful – hurt potential homeowners, banks and government programs designed to assist homebuyers.”

Assistant U.S. Attorneys Kathleen A. Lynch and Elizabeth R. Moellering stated that the defendants submitted false information to lenders, including falsified employment documents and false settlement statements, to secure loans worth over $4,100,000.

The loans were eventually defaulted on, leaving the properties in various stages of foreclosure.

Defendants Laurence Savedoff, Julio Rodriguez and Tina Brown were arraigned and released with conditions.

The investigation was conducted by the United States Postal Inspection Service, the United States Department of Housing and Urban Development, Office of the Inspector General, and the Federal Bureau of Investigation, with assistance from the New York State Department of Financial Services.