Victor Makras, Mortgage Loan Fraud, California 2022

Table of Contents

Fraudulent Loan Applications Land San Francisco Broker in Hot Water

A federal jury in San Francisco has convicted 64-year-old real estate broker Victor Makras of making false statements to a bank and bank fraud tied to a mortgage refinance loan application.

The scheme, which defrauded Quicken Loans of $1.3 million, involved Makras inflating a debt amount on the loan application. This allowed the borrower to conceal other debts from the lender, including a $89,000 outstanding debt to a contractor and a $70,000 unsecured personal loan.

The jury convicted Makras of two counts: making false statements to a bank and bank fraud. The verdict follows a two-week trial before United States Chief District Judge Richard Seeborg.

Makras’ crimes, which occurred in 2022, carry a maximum possible penalty of 30 years imprisonment and a fine of $1,000,000 or not more than the greater of twice the gross gain or gross loss.

The defendant remains out of custody pending sentencing, which has yet to be scheduled.

Assistant U.S. Attorneys David Ward and Zachary Abrahamson prosecuted the case, with the assistance of Veronica Hernandez and Tina Rosenbaum. The case was investigated by the FBI and the Internal Revenue Service-Criminal Investigation (IRS-CI).

This case is part of a larger federal investigation targeting public corruption in the City and County of San Francisco. To date, twelve individuals have been charged, including high-ranking San Francisco public official Mohammed Nuru, who was sentenced yesterday to seven years in federal prison.

Makras is scheduled to face sentencing at a later date. He is a resident of San Francisco, California.

The charges contained in the superseding indictment against the co-defendant of Makras, and the charges on which the jury did not reach a verdict, remain only allegations. As in any criminal case, a defendant is presumed innocent unless and until proven guilty in a court of law.

Makras was charged in a superseding indictment filed on May 31, 2022, with four criminal counts related to the mortgage refinance loan obtained by an associate of Makras and the associate’s wife. He was found guilty of making false statements to a bank and bank fraud.