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Agent Insures Properties in Alleged Fraud Scheme
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January 19, 2009
A Virginia insurance agent is at the center of an alleged mortgage fraud scheme that prosecutors say caused $390,000 in losses from three foreclosures. The agent insured the properties to collect a commission as well.
Godwin Asifo has been charged with wire and mail fraud relating to an alleged $1.5 million mortgage fraud scheme. Asifo who is an agent for Allstate in Alexandria, Va. Recruited straw buyers to purchase three properties he said would be resold within six months, according to court documents.
Asifo and a loan officer allegedly planted monies in the straw buyers accounts to help them qualify for the mortgages. They also allegedly lied about their employment, including telling one lender that the straw buyer made $68,000 a year working at Asifo’s company.
One of the three homes belonged to Asifo, who made $50,000 in the sale. All three homes have since gone into foreclosure.
Read story at Washington D.C. Examiner
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