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December 12, 2008
A 49-year-old mortgage executive thought he had resolved a fraud crime he committed years ago, but now his actions have come back to haunt him. Federal prosecutors have charged him with one count wire fraud stemming from his “mistake” years ago.
Steven Gordon reportedly altered credit scores and reclassified mobile homes as single-family houses on mortgage loans that were repackaged and sold to investors. At the time, Gordon was the director of residential acquisitions at Coral Gables, Fla.-based Bayview Financial LP.
Gordon allegedly made an additional $2.8 million from altering the mortgages over a five-year span, but then the company eventually had to buy back or substitute $66 million in loans after the fraud was discovered. The company said there were no investor losses.
Gordon’s lawyer said he would plead guilty to the current charges and turn himself in on Monday. He no longer works at Bayview.
Read story at The Wall Street Journal
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