Fha arms length transaction 2018 ltv12/28/2023 ![]() He is scheduled to appear this afternoon before U.S. Rihan was arrested Januand charged by complaint with one count of conspiracy to commit bank fraud. The conspiracy to commit bank fraud charge carries a maximum potential penalty of 30 years in prison and a $1 million fine, or twice the gross gain or loss from the offense. In 2014, Individual 2 defaulted on all the HELOC loans. After the victim banks funded the HELOCs and deposited money into Individual 2’s bank accounts, Individual 2 disbursed almost all of the funds to Rihan, Curanaj, and others. The victim banks eventually issued loans to Individual 2 in excess of $370,000. In addition, at the time the applications were made, the value of the Bronx, New York property, which was encumbered by a mortgage, was far less than the amount of the HELOC loans that Rihan and the real estate broker applied for. The applications also fraudulently inflated Individual 2’s income. Rihan and Curanaj hid the fact that the same Bronx, New York property was pledged as collateral in all three applications. Rihan and Curanaj then applied for three HELOCs from multiple banks in the name of Individual 2. From 2012 through January 2014, Rihan, Curanaj, and others conspired to fraudulently obtain multiple home equity lines of credit (HELOC) from banks on residential properties in New Jersey and New York.įor example, Rihan and Curanaj executed a deed to transfer ownership of a Bronx, New York property to people identified in the complaint as “Individual 1” and “Individual 2,” neither of whom lived at the property. Rihan was a business partner of Simon Curanaj, 63, Yonkers, New York. Saoud “Sam” Rihan, 57, Bronx, New York was charged today with carrying out a scheme to use bogus information and simultaneous loan applications at multiple banks to fraudulently obtain home equity lines of credit, a practice known as “shotgunning”. A defendant is presumed innocent unless and until proven guilty. The case was investigated by the United States Department of Housing and Urban Development, Office of Inspector General, and is being prosecuted by Assistant United States Attorney Laurie Magid.Īn Indictment, Information or Criminal Complaint is an accusation. Seckel pled guilty on Februand was sentenced to one year of probation and a fine of $20,000. ![]() Seckel also, four times, filed certifications falsely claiming that he had met the net worth and other requirements to be approved as an FHA lender. In particular, on four occasions from 2013 to 2016, Seckel filed audited financial statements for Seckel Capital that Seckel had forged. John Seckel maintained the status of Seckel Capital as an FHA-approved lender during this time period by making false statements to the Department of Housing and Urban Development. Seckel had been the CEO of Seckel Capital, LLC, an FHA-approved mortgage lender in Bucks County, Pennsylvania.įor the years 2012 to 2015, Seckel Capital, LLC, was a mortgage lender in Bucks County, Pennsylvania that was approved by the Federal Housing Administration to originate mortgage loans that would be insured by the FHA. All rights reserved.John Seckel, Newtown, Pennsylvania, was charged by information with four counts of making false statements to the Department of Housing and Urban Development. The website owner is not responsible for damages allegedly arising from use of this website's AI.Ĭopyright © 2023 Janover Inc. ![]() Users should not rely upon AI-generated content for definitive advice and instead should confirm facts or consult professionals regarding any personal, legal, financial or other matters. This website utilizes artificial intelligence technologies to auto-generate responses, which have limitations in accuracy and appropriateness. We are not affiliated with the Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), Freddie Mac or Fannie Mae. Fannie Mae® is a registered trademark of Fannie Mae. We use cookies to provide you with a great experience and to help our website run effectively.įreddie Mac® and Optigo® are registered trademarks of Freddie Mac. By using this website, you agree to our use of cookies, our Terms of Use and our Privacy Policy. We are a technology company that uses software and experience to bring lenders and borrowers together. We have no affiliation with any government agency and are not a lender. This website is owned by a company that offers business advice, information and other services related to multifamily, commercial real estate, and business financing.
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