Man Charged with Participating in Mortgage Fraud Scheme June 2, 2010
Posted by jefhenninger in News.Tags: Mortgage Fraud
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RAB NAWAZ, of Harbor View Avenue, Waterford, Connecticut, has been charged by federal criminal complaint with conspiracy to commit wire fraud and with obstruction of justice. NAWAZ was arrested this morning at his residence. He was released on a $100,000 bond secured by property.
According to statements made in court, NAWAZ is alleged to have conspired with Syed A. Babar and others in a mortgage fraud scheme involving real estate throughout Connecticut. As part of the scheme, it is alleged that NAWAZ purchased homes in New London and sold them to straw buyers at artificially inflated prices that, typically, were supported by fraudulent appraisals. Although the straw buyers would represent that they intended to occupy the homes as their primary residence, they had no intention of doing so, defaulted on the loans and allowed the homes to go into foreclosure. The co-conspirators are alleged to have profited from the proceeds of the fraudulently inflated loans.
According to statements previously made in court, it is alleged that members of the conspiracy conducted this scheme on more than 25 properties in New London, New Haven, and other locations in Connecticut. As a result, it is alleged that various lenders suffered a loss of at least $2.5 million.
Babar was indicted on related charges on April 27, 2010, and was arrested on May 14. On May 20, it is alleged that NAWAZ met with a co-conspirator in the case and advised him about certain evidence that the government had presented during Babar’s detention hearing. During their meeting, it is alleged that NAWAZ instructed the co-conspirator as to what he should and should not admit knowing to government investigators. Bad move.
Toms River Woman Charged with Insurance Fraud June 1, 2010
Posted by jefhenninger in News.Tags: Insurance Fraud
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A Toms River woman has been indicted for allegedly submitting a false homeowner’s insurance claim to Allstate Insurance Company. Dorothy Sullivan-Procopio, 46, of Toms River, was charged on Thursday, May 27, with insurance fraud and attempted theft by deception, both in the third degree, as well as three counts of fourth-degree falsifying or tampering with records.
The Ocean County grand jury indictment alleges that between Nov. 18, 2007 and June 17, 2008, Sullivan-Procopio submitted a fraudulent claim for reimbursement on her homeowner’s insurance policy with the Allstate Insurance Company. It is alleged that Sullivan-Procopio falsely reported that she paid for repair work to her former residence in Bayville in order to obtain approximately $11,606 from her homeowner’s policy with Allstate. Sullivan-Procopio allegedly submitted three checks, with which she purportedly paid for the repairs, in support of the false claim to Allstate, knowing that the checks were falsified or altered.
