Thao Thi Kim Nguyen, Bank, Mortgage, and Identity Theft, California 2018

Grimy Times has learned that two Orange County residents have been charged with running a $2.2 million scheme that tricked banks into cashing out victims' mortgages.

Thao Thi Kim Nguyen, 47, of Garden Grove, and Nghiep Chinh Nguyen, 55, of Westminster, were arraigned Monday afternoon in United States District Court in Santa Ana.

Both defendants, who have been granted bond, are charged with one count of conspiracy to commit bank fraud and wire fraud. Thao Nguyen additionally is charged with seven counts of bank fraud and three counts of aggravated identity theft. Nghiep Nguyen is charged further with two counts of bank fraud and one count of aggravated identity theft.

The schemers allegedly obtained a type of mortgage that allows homeowners to convert home equity into cash by borrowing against the value of the property.

According to an indictment returned on July 26, during a roughly four-month period in 2018, Thao Nguyen opened accounts in her name at two banks. The alleged purpose of these bank accounts was to collect the scheme's ill-gotten gains.

In total, the defendants fraudulently obtained approximately $2,182,753 through the scheme, the indictment alleges.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

Thao Nguyen allegedly received a wire transfer of approximately $623,196 in fraudulent mortgage proceeds. She then transferred most of the ill-gotten funds to accounts she and another co-schemer controlled, according to the indictment.

For example, in July 2018, Thao Nguyen opened a bank account in her name. Later that month, Nghiep Nguyen and another co-schemer, accompanied by Thao Nguyen, allegedly posed as two homeowners at the bank branch in Orange.

Thao Nguyen and Nghiep Nguyen are set to face trial on September 26.

Source: https://www.justice.gov/usao-cdca/pr/orange-county-woman-and-man-charged-running-22-million-scheme-tricked-banks-cashing