Related Federal Cases
- VDARE Founders Accused of $2M Charity Scam · West Virginia
- Aliquippa Woman Gets Time Served in Credit Card Scam · West Virginia
- Ambridge Conspirator Smith Gets 3-Year Prison Term for Stolen Credit Card Scam · West Virginia
- Monarch Mortgage Head Yoder Pleads Guilty to Bankruptcy Asset Cover-Up · Virginia
- Donna Byrd Talley Convicted in 100K Hydrocodone Pill Scam · Washington
Former SunTrust Mortgage Execs Sentenced to Prison for Wire Fraud
A former SunTrust Mortgage vice-president and three loan officers were sentenced to prison in a brazen scheme that left homeowners on the hook for millions in false loans.
Mohsin Raza, 51, and his wife, Humaira Iqbal, 40, of Woodbridge, were sentenced to 24 months and 15 months in prison, respectively, for conspiracy and wire fraud affecting a financial institution.
The scheme, which occurred between 2006 and 2007, involved Raza falsifying loan applications for borrowers and purchasing fake tax documents to support the false loan applications, ultimately netting millions of dollars in loans based on these fake documents.
Underwriters at SunTrust Mortgage in Richmond approved the loans, unaware of the falsified information, leaving homeowners to struggle with mortgages they couldn’t afford.
Raza’s wife and her brothers, Farukh Iqbal, 41, and Mohammad Ali Haider, 33, both of Chantilly, were also convicted in the scheme and received prison sentences of one year and one day.
The defendants were ordered to forfeit two properties and $40,000 and pay restitution to victims in the amount of $1,923,324.53.
Dana J. Boente, U.S. Attorney for the Eastern District of Virginia, praised the efforts of law enforcement in bringing the case to justice, saying, ‘The sentence handed down today reflects the severity of the crimes committed by these defendants.’
Assistant U.S. Attorney Jack Hanly and Special Assistant Attorney Joseph Capone prosecuted the case, which was announced by U.S. District Judge Claude M. Hilton.
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.
Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:15-cr-118.
Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
