Robert Moreno, Bank Bribery, California 2015

San Diego, California – A high-ranking banker has been sentenced to prison for his role in a wide-ranging commercial bribery and tax evasion scheme that bilked more than $1 million from a major financial institution.

Robert Moreno, a former GMAC banker, was sentenced to 37 months in prison on September 8, 2015, for his role in a bribery scheme that involved rigging bids for secondary market mortgages in favor of his preferred customers. Moreno, 37, of San Diego, admitted to accepting more than $1 million in bribes from his customers in exchange for steering business to them.

According to court records, Moreno used his position and influence at GMAC to ensure that his preferred customers, including San Diego businessman Israel Hechter and Woodland Hills businessman Ben Keisari, won their bids to purchase mortgage loans that were being resold by GMAC. In order to ensure Hechter’s and Keisari’s bids won, Moreno would alter other bids, reject bids, and erase or ignore bids from qualified competitors, so that his corrupt customers would appear to be the most qualified bidders.

Moreno also provided Hechter and Keisari with “inside information” about prices and competing bids, giving them a leg up in the bidding process and ensuring that they won the most lucrative deals. In exchange, Hechter and Keisari, and others who worked for them, delivered bribe payments to Moreno totaling more than $1 million.

As part of his guilty plea, Moreno agreed to pay back $1,143,560 in restitution to GMAC and an additional $140,941 to the IRS. The scheme had an adverse economic impact on the market, with Judge Roger T. Benitez describing Moreno as “the kingpin in this whole nasty affair.”

Moreno’s sentencing marks the latest development in a wide-ranging investigation into commercial bribery and tax evasion in the mortgage industry. Several other defendants have been convicted in connection with the scheme, including Moreno’s customers Israel Hechter and Ben Keisari.

“This case is a stark reminder of the corrosive effects of corruption in the financial industry,” said Assistant U.S. Attorney Emily W. Allen. “We will continue to aggressively pursue those who engage in such behavior and hold them accountable for their actions.”

Moreno is currently serving his sentence at a federal correctional institution in California. The case is a reminder of the importance of transparency and accountability in the financial industry, and the consequences of engaging in corrupt behavior.

The investigation into commercial bribery and tax evasion in the mortgage industry is ongoing, with several other defendants still facing charges in connection with the scheme.

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