Michael Dokmanovich guilty in a Mortgage Fraud scheme!

May 18, 2010

Acting United States Attorney Robert S. Cessar announced that Michael Dokmanovich, a resident of Bethel Park, Pennsylvania, pleaded guilty in federal court to a charge of Wire Fraud conspiracy in connection with a mortgage fraud scheme.  Dokmanovich, age 36, pleaded guilty to one count before United States District Judge Donetta Ambrose.

Dokmanovich operated Brandy Financial Services Company, which was a mortgage broker company.  Dokmanovich participated in a conspiracy in which he submitted loan documents to lenders that overstated the borrowers’ financial condition, including their assets and income.

The conspiracy also involved appraisals that overstated the true fair market values of the properties serving as collateral for the loans.  In addition, the conspiracy involved fraudulent closings, in which the closing agent executed closing documents that falsely represented that the borrowers had made down payments associated with the purchases of the properties when the borrowers did not make down payments.

Judge Ambrose scheduled sentencing for August 24, 2010. The law provides for a total sentence of 20 years in prison, a fine of $250,000, or both.  Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the criminal history, if any, of the defendant.

The Mortgage Fraud Task Force conducted the investigation that led to the prosecution of Dokmanovich.  The Mortgage Fraud Task Force is comprised of investigators from federal, state and local law enforcement agencies and others involved in the mortgage industry.  Federal law enforcement agencies participating in the Mortgage Task Force include the United States Secret Service;  the Federal Bureau of Investigation; the Internal Revenue Service, Criminal Investigations; the United States Postal Inspection Service; and the United States Department of Housing and Urban Development, Office of Inspector General.  Other Mortgage Fraud Task Force members include the Allegheny County Sheriff’s Office; the Pennsylvania Attorney General’s Office, Bureau of Consumer Protection; the Pennsylvania Department of Banking; the Pennsylvania Department of State, Bureau of Enforcement and Investigation; and the United States Trustee’s Office.


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