3 Lawyers Among 12 Charged in $9M Mortgage Fraud Case
Add three more lawyers to the lengthening list of attorneys named as defendants in criminal mortgage fraud cases.
Eric Finger, 44, Joell Barnett, 36, and Brandon Lisi, 36, are among 12 defendants charged with conspiracy to commit bank fraud and wire fraud, following a joint investigation by federal and New York state authorities, according to Newsday and a press release from New York Attorney General Andrew Cuomo.
They are accused of participating in a Long Island, N.Y.-based scheme in which some $9 million in home mortgages were fraudulently obtained in the New York City area, often by phantom buyers using fake documentation. The case is being prosecuted in federal court in Manhattan, notes a Federal Bureau of Investigation press release.
“Some loans were in the names of individuals who did not exist and others were in the names of individuals whose identification information had been misused. Most of these loans are now in default,” the press release states.
Suspects got 100-percent financing, which more than covered the purchase price they paid, on dozens of Long Island and New York City homes, sometimes purchasing properties controlled by friends and relatives, reports Newsday, relying on information from an indictment provided by the U.S. Attorney’s Office for the Southern District of New York.
Finger is accused of acting as a lender’s settlement agent at closing concerning a number of the target properties, as well as preparing false mortgage documents. Barnett allegedly acted as an attorney for buyers and sellers involved in the transactions at issue, and Lisi is accused of preparing sales contracts and procuring what the press release describes as fraudulent buyers to purchase target properties.
The suspects are expected to be arraigned later today, and the Newsday article doesn’t include any comment from them or their lawyers.
