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December 31, 2008
A Virginia man who owned a mortgage brokerage pleaded guilty to charges related to mortgage fraud through his company for over three years. Employees often helped straw buyer’s obtain 100 percent financing by fabricating employment, income and other relevant information.
Gohar J. Mirza, 29, was sentenced to 63 months in prison, followed by three years supervised release. He was also ordered to pay more than $3 million in restitution. Mirza and co-conspirators recruited straw buyers through his company, Annandale, Va.-based E-Star Lending Inc.
Many of the loans have defaulted, resulting in millions of dollars in loss to lenders.
Read stories at Fairfax Times and WTOP.com
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