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Foreclosure Bailout Gone Bad
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March 17, 2009
Five people have been charged so far in a mortgage fraud case one man says he thought was a legitimate foreclosure bailout deal. Now, he has agreed to testify against those who let him in on the deal.
Former loan officer, Vance Yukio Inouye, 31, pleaded guilty to one count each of wire fraud and conspiring to make false statements on loan applications and commit wire and mail fraud. Inouye faces as much as 35 years in prison and restitution. However, the government reportedly promised to drop some charges and agreed to recommend a lighter sentence for his cooperation.
Inouye agreed to testify against his former boss, John Dimitrion, owner and principal broker of Mortgage Alliance. Inouye said Dimitrion suggested Inouye's wife be a straw buyer for a home on Ewa Beach, Hawaii that was in default. Two mortgages were taken out on the home for almost $500,000, and the original owner remained in the home while Inouye and his wife made the mortgage payments. The couple reported spent $120,000 of the equity line, and Inouye was also paid $10,000.
Others charged in the case include Julie Ann Baldueza Dimitrion, Rick Kealoha Pa Jr. and Benjamin Yoshito Thompson.
Find out more at Honolulu Star Bulletin
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