RI Real Estate Attorney Among 6 People Charged With Mortgage Fraud
Friday, December 11, 2015
A 22-count federal grand jury indictment has charged six individuals including a Rhode Island real estate attorney, a real setae agent, a licensed loan originator, a former loan officer, a loan processor and a real estate investor with allegedly participating in a conspiracy to obtain money that they were not entitled to from financial institutions and individuals through mortgage loans, residential property sales and fees.
The indictment was unsealed on Thursday in U.S. District Court in Providence.
The Indictment charges:
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST- Attorney Louis Marandola, 41, of Providence, R.I., with one count of conspiracy, five counts of bank fraud, three counts of wire fraud and six counts of aggravated identity theft.
- Brian R. McCaffrey, 38, of East Greenwich, R.I., a licensed loan originator, with one count of conspiracy, two counts of bank fraud and two counts of aggravated identity theft.
- Raffaele M. Marziale, 41, of Bristol, R.I., a former loan officer, with one count of conspiracy, two counts of bank fraud and two counts of aggravated identity theft.
- Lauren Sienko, 33, of Rehoboth, Mass., a loan processor, with one count of conspiracy, two counts of bank fraud and one count of aggravated identity theft.
- Gina M. Ronci Mohamed, 45, of Lincoln, R.I., a licensed real estate agent, with one count of conspiracy, two counts of bank fraud, two counts of aggravated identity theft, and one count of false statement.
- Edwin Rodriguez, 35, of Pawtucket, R.I., a real estate investor, with one count of conspiracy, once count of bank fraud, two counts of aggravated identity theft and two counts of witness tampering.
Attorney Louis Marandola, Edwin Rodriquez and Lauren Sienko were released on unsecured bond following their arraignment on Thursday before U.S. District Court Magistrate Judge Patricia A. Sullivan. Brian McCaffrey, Raffaele Marziale and Gina Ronci Mohamed were released on unsecured bond following their arraignment today before Magistrate Judge Patricia A. Sullivan.
The Allegations
According to the indictment, it is alleged that between 2007 and 2014, the defendants conspired to execute a scheme which caused prospective homebuyers to obtain mortgages from financial institutions based on materially false loan applications and fraudulent supporting documentation.
It is alleged that false representations are made in order to obtain fees to which the defendants were not entitled or to make a profit selling property in which they had an ownership interest.
The indictment further alleged that in some instances, thousands of dollars were fraudulently obtained by misrepresenting on a Housing and Urban Development form the amount of funds due or to be paid to one of the parties involved in a transaction.
Lastly, it is alleged that in multiple instances, the defendants concealed their involvement in the scheme by conducting business under the names of several different entities and individuals. It is alleged that at times the defendants used stolen identities to further the fraud and to conceal their connection to the real estate transactions.
The indictments are just allegations and is not evidence of guilt.
Mortgage Fraud in RI
These allegations are the most recent charges filed by the U.S. Attorney's Office in a series of ongoing investigations into alleged mortgage fraud in Rhode Island.
In September, Franchesco Franco, 34, of Providence a former mortgage loan originator, pleaded guilty to conspiracy to commit bank fraud. Franco admitted to participating in a scheme to defraud Flagstar Bank by filing a fraudulent mortgage loan application and supporting documentation in the name of a person known to him who is deceased.
In a different matter, it is alleged that Dylan Kelly, 40, of Providence whose real estate appraiser's license expired in September 2008, continued to conduct and issue real estate appraisals using the identity, license and insurance certificate of a licensed appraiser without his permission or knowledge. Kely is charged by way of an information with false statements on a loan application.
All cases are being prosecuted by Assistant U.S. Attorneys Sandra Hebert and William Ferland.
Related Articles
- Under Taveras Prov Crime Among Worst in US - National Report
- URI Theatre Dept. Presents “Crimes of the Heart”
- Fung Condemns Block for “Belittling” Violent Crime Victim
- Hodgson Blasts Kilmartin For Breaking Crime Lab Promise
- Guest MINDSETTER™ Richard Ferruccio: Cost of Incarceration vs. the Cost of Crime
- Tom Finneran: The Crime of the Century
- Crime Rates for RI Communities Ranked #37 to #1
- Carol Anne Costa: Raimondo Steps Up For Crime Victims
- Providence Data Flag Crime as Biggest Threat
- Travis Rowley: The Hate-Crime Hoax–A Liberal Pastime
- Rhode Island’s Most Violent Cities and Towns: FBI Crime Data
- RI’s Most Violent Cities and Towns: New FBI Crime Data
- East Side of Providence Rocked by Crime
- RI’s Most Violent Cities and Towns: New FBI Crime Data
- Guest MINDSETTER ™ Tony Santos: High Crimes & Misdemeanors, Mayor Allan Fung’s Fall From Honor
- NEW: Providence Police Investigating Hate Crime on East Side
- Elorza Tackles Crime, Protestors at East Side Community Forum
- West Side Residents Demand Action on Crime-Ridden House
- East Side Realtors Sound Alarm on Spike in Crime
- Nguyen: Goodell’s Final Decision - Does the Punishment Fit the Crime?
- A Breakdown of Hate Crimes in the United States
- Crime Concerns Sweep East Side, Over 150 Breaking and Enterings Since January
- The Patriarca Papers - FBI Files of the Boss of the New England Crime Family
- Looking at Hate Crimes Across the United States
