An Ashburn, Va., man has been charged by a federal grand jury with conspiracy and mortgage fraud for allegedly falsifying mortgage loan transitions.
The scheme allegedly involved at least 25 homes in northern Virginia, and the lenders lost more than $7 million.
Nadin Samnang, 29, is facing a 12-count indictment that accuses him of using his job as a realtor and owner of a title company from 2006 to 2008 to participate in a plan to defraud mortgage lenders and benefit financially from loan proceeds, commissions and bonus payments.
According to court documents, Samnang and other conspirators recruited unqualified purchasers and used them as nominal buyers in residential real estate transactions. These unqualified buyers were usually people with good credit but who did not have enough income or property in assets to qualify for the loan they received as a result of doing business with Samnang.
Samnang and others are being accused of falsifying mortgage loan applications, creating fake documentation to support the falsified applications and adding the unqualified buyers as signatories on their bank accounts to make it appear to the lenders that the applicants had enough in assets to qualify for the loan.
The case is being investigated by the U.S. Postal Inspection Service and the FBI’s Washington Field Office.
If convicted, Samnang faces a maximum penalty of 20 years in prison on each count.