home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
 
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News

Sign Up for Free Mortgage Fraud Newsletter


 
 
twitter linkedin
facebook google+
Mortgage News

Search
Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

 

PRESS RELEASE


Man Funds Mortgage Fraud with Visa Fraud

European Immigrants Used in Scam


 
ATLANTA, GA -- SUREN AGADZHANOV, 42, of Atlanta, was sentenced today to 3 years, 10 months in federal prison to be followed by 5 years of supervised release for his role in fraudulently applying for work visas for over 70 aliens and for using the proceeds from his visa fraud scheme to engage in mortgage fraud. Several of AGADZHANOV’s mortgage fraud conspirators were also sentenced today to lesser terms in prison.

United States Attorney David E. Nahmias said of the case, “Border security and immigration control are of paramount importance in this era of increased threats from abroad. AGADZHANOV circumvented federal laws designed to allow those who can legally stay in this country to work. He knowingly submitted false paperwork on behalf of dozens of foreign nationals, and used his ill-gotten gains to defraud banks and other lending institutions in a mortgage swindle.”

According to Nahmias and the information presented in court: In 2002, AGADZHANOV began fraudulently obtaining work visas for individuals from eastern Europe -- primarily the Baltic republics of Latvia and Lithuania -- who had legally entered the United States and desired to extend their stay beyond the term of their legitimate tourist or educational visas. AGADZHANOV charged his “clients” thousands of dollars to complete and submit false paperwork claiming that the individuals would be working for one of a stable of fictitious companies AGADZHANOV had established out of his home. AGADZHANOV fabricated information about the jobs -- responsibilities, salary, location, etc. -- as well as the companies. He would, at times, even include fake tax forms as evidence of the size and existence of the sham businesses. AGADZHANOV also submitted bogus educational credentials for many of the visa-seekers. Since neither the companies nor the jobs existed, his “clients,” if granted work visas, would be illegally in the United States.

As the various federal agencies responsible for coordinating and executing the alien work visa program began to uncover AGADZHANOV’s visa fraud scheme, more and more of his sham applications were rejected. Eventually, AGADZHANOV got out of the visa fraud business altogether and started investing the proceeds from that fraud in local Atlanta residential real estate. Typically, AGADZHANOV would find a property in foreclosure, buy it, and then “flip” the house to one of his visa “clients” at an inflated price. That buyer would never move in and the house would quickly fall back into foreclosure. The loan applications for both AGADZHANOV’s purchases and the purchases by AGADZHANOV’s phony buyers all had false information concerning the borrowers’ employment and income -- often with the same fake companies that AGADZHANOV created for his visa fraud scheme.

This case was investigated by the State Department, Diplomatic Security Service (DSS), U.S. Immigration and Customs Enforcement, the Department of Labor, the Federal Bureau of Investigation, and the United States Postal Inspection Service.

Assistant United States Attorney Robert McBurney prosecuted the case.


SOURCE: United States Attorney's Office
Northern District of Georgia

 
Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.



Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news