N.Y. Fraud Scheme Lands Title Closer Behind Bars

Posted by Orb Staff on July 09, 2010 No Comments
Categories : Residential Mortgage

title closer Eric Koppelman has been sentenced to four years in prison for his role in a scheme to steal over $6 million in proceeds of mortgage loans, according to the [link=http://www.justice.gov/usao/nys/pressreleases/July10/kopplemanericsentencingpr.pdf]U.S. Attorney for the Southern District of New York[/link]. The stolen funds were intended to be used to pay off existing mortgages on the properties, U.S. Attorney Prett Bharara says. On June 1, Irshad Ramzan, a co-conspirator and former mortgage broker who supervised the operations of Queens, N.Y.-based Platinum Funding, was sentenced to 84 months in prison for his role in the scheme, as well as for his participation in a separate scheme. The latter scheme focused on obtaining home mortgage loans from banks under false pretenses by arranging straw purchases of the homes and generating tens of thousands of dollars in unwarranted fees for Ramzan and Platinum Funding. SOURCE: [link=http://www.justice.gov/usao/nys/pressreleases/July10/kopplemanericsentencingpr.pdf]Office of U.S. Attorney Prett Bharara

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