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Two Associates of Shady Developer Charged
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February 6, 2009
Four people were charged in a mortgage fraud-related investigation, including two that were affiliated with a Mt. Lebanon, Penn.-based developer and Brazilian native who is currently under federal investigation for incomplete real estate developments and millions of dollars in debt to U.S. banks.
Michael Dokmanovich, 35 and Daniel Smithbower, 35, were indicted on the accusation that the pair submitted false information on loan documents regarding borrower finances, fake W-2 forms and appraisals, overstated sales prices and other false data.
Officials claim Dokmanovich and Smithbower were associates of Bernardo Katz, who is known for buying up numerous properties, obtaining $700,000 in loans from Pittsburgh's Urban Redevelopment Authority and then not following through. Federal investigators said Katz has defaulted on many mortgages and returned to Brazil in December 2007 still owing millions to U.S. banks and the Urban Redevelopment Authority.
John Orth, 37 and Patrick Totten, 32 were also charged in the investigation.
Read story at The Post Gazette
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