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Nine accused of $92 mln U.S. mortgage fraud sceme
By: AFX | 04 Jun 2009 | 10:16 AM ET
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NEW YORK, June 4 (Reuters) – Nine people have been indicted on charges of conspiring to defraud Washington Mutual Bank and DLJ Mortgage Capital Inc, a unit of Credit Suisse Group AG, in a $92 million mortgage fraud scheme, prosecutors said on Thursday. Real estate developer Thomas Kontogiannis, 60, and eight other defendants are accused of orchestrating fraudulent loans that were subsequently sold to the financial firms. Federal prosecutors and the FBI said the scheme was centered around property developments that Kontogiannis bought and subdivided from 2001 to 2003 in the New York City boroughs of Brooklyn and Queens. To finance the projects, the defendants are accused of staging sales of the properties financed by mortgage loans. Bogus appraisals supported the price of the properties, even where buildings had not yet been constructed or had fictional addresses, said the U.S. Attorney’s Office in Brooklyn, which is prosecuting the case. The loans were financed by lenders controlled by Kontogiannis and later sold to Washington Mutual and DLJ, prosecutors said. Entities controlled by Kontogiannis made monthly payments on the mortgages, ensuring that none became delinquent, until the payments ceased in 2007 with about $92 million in principal outstanding on the fraudulent loans, prosecutors said. All nine defendants were charged with conspiracy to commit bank and wire fraud, which for each person carries a prison term of up to 30 years if convicted. Kontogiannis, whose attorney was not immediately available for comment, and several other of the defendants face additional charges including bank fraud and money laundering. The defendants were set to be arraigned later on Thursday in U.S.

#4

Manhattan District Attorney Robert M. Morgenthau announced today the indictment of a Manhattan attorney and a law firm for stealing a $735,000 deposit in a real estate transaction as well as a separate felony complaint for the lawyer’s failure to pay withholding taxes and filing his own false tax returns.

The defendants, JAMES JOHN ARMENAKIS, 65, and his law firm of ARMENAKIS & ARMENAKIS, P.C., were indicted on charges of grand larceny and criminal possession of stolen property. In a separate investigation, the defendant JAMES JOHN ARMENAKIS was charged in a felony complaint with grand larceny and multiple counts of filing false instruments.

# 3Nine accused of $92 mln U.S. mortgage fraud sceme
By: AFX | 04 Jun 2009 | 10:16 AM ET
Text Size
NEW YORK, June 4 (Reuters) – Nine people have been indicted on charges of conspiring to defraud Washington Mutual Bank and DLJ Mortgage Capital Inc, a unit of Credit Suisse Group AG, in a $92 million mortgage fraud scheme, prosecutors said on Thursday. Real estate developer Thomas Kontogiannis, 60, and eight other defendants are accused of orchestrating fraudulent loans that were subsequently sold to the financial firms. Federal prosecutors and the FBI said the scheme was centered around property developments that Kontogiannis bought and subdivided from 2001 to 2003 in the New York City boroughs of Brooklyn and Queens. To finance the projects, the defendants are accused of staging sales of the properties financed by mortgage loans. Bogus appraisals supported the price of the properties, even where buildings had not yet been constructed or had fictional addresses, said the U.S. Attorney’s Office in Brooklyn, which is prosecuting the case. The loans were financed by lenders controlled by Kontogiannis and later sold to Washington Mutual and DLJ, prosecutors said. Entities controlled by Kontogiannis made monthly payments on the mortgages, ensuring that none became delinquent, until the payments ceased in 2007 with about $92 million in principal outstanding on the fraudulent loans, prosecutors said. All nine defendants were charged with conspiracy to commit bank and wire fraud, which for each person carries a prison term of up to 30 years if convicted. Kontogiannis, whose attorney was not immediately available for comment, and several other of the defendants face additional charges including bank fraud and money laundering. The defendants were set to be arraigned later on Thursday in U.S
The building where the emmision is broadcast is also under question. there is a very nasty copurt case in Queens where Mr. Fillas is accusded of defrauding a woman with minor children. He never paid for the property and has made this woman tp be desitute.
We nweed to screen our bradcasting. There is a very important Greek image to be sustained. These elements are taking us back and an image once lost cannot be regained so easily..