Our Videos

November 16, 08

NEWS / Fairfax Man Pleads Guilty in $33 Million Mortgage Fraud Case


Alexandria, VA - Vijay K. Taneja, age 47, of Fairfax, Virginia, pleaded guilty to one count of conspiracy to commit money laundering in connection with a mortgage fraud scheme involving his company, Financial Mortgage, Inc., (�FMI�), which originated and sold mortgages on residential properties in the Washington, D.C., metropolitan area. Dana Boente, Acting United States Attorney for the Eastern District of Virginia, Joseph Persichini, Jr., Assistant Director in Charge of the FBI Washington Field Office, and C. Andre Martin, Special Agent in Charge of the Washington Field Office of the Internal Revenue Service, Criminal Investigation Division, made the announcement today following the plea before Judge Claude M. Hilton. Sentencing is set for January 30, 2009. The maximum potential penalty for conspiracy to commit money laundering is 20 years incarceration and a fine of $500,000.

According to court documents in support of the guilty plea, before FMI sold its mortgages to financial institutions as long term investors, FMI utilized another group of financial institutions (referred to as �warehouse lenders�) to temporarily fund the mortgages before they were sold. Beginning in 2001, FMI began defrauding a series of warehouse lenders and eventually two other financial institutions serving as long term investors, causing an accumulated loss of at least $33 million to four financial institutions by the time FMI filed for bankruptcy in June 2008. The financial institutions were First Tennessee Bank, Franklin Bank, Wells Fargo Bank, and EMC Mortgage Corporation, a wholly owned subsidiary of JP Morgan Chase & Co. Taneja accomplished the scheme by (i) creating fictitious loans with bogus loan closings, (ii) selling the same legitimate loan to multiple investors, and (iii) pocketing the proceeds generated from refinancing loans, when the bulk of those proceeds were intended to payoff prior mortgages on the same properties. Court documents state that for at least part of the scheme Taneja conspired with the owner of TitlePro, a Fairfax title company. The company went out of business in May of 2008.

The investigation involving Financial Mortgage, Inc., was conducted by Special Agents of the FBI and the Internal Revenue Service. The prosecution of the case is being handled by Assistant United States Attorney Stephen Learned.

http://washingtondc.fbi.gov/dojpressrel/pressrel08/wfo111308.htm

Tags: corporation, criminal investigation, document,
 




Testimonials

John Beacleay

Just wanted to say thanks again for all your help Anton. I mean it's really amazing to me that yo...
Read More »
Niranjan Sujay
I recently used LOGOS INTERNATIONAL for the translation of my bachelor’s certificate, and I couldn’t...
Read More »
Katia Nagata

As a foreigner, I needed a certified translation, so I called the DOE to give me a list of the ce...
Read More »
AnnaMaria Realbuto
Thank you for all your assistance and efficiency...
Read More »




FAQ

What is the New Hague Adoption Convention?
Read More »
What if my debt is forgiven?
Read More »
Does that mean a corporation can e-file a 52-53 week, short period, or final Tax Year 2008 1120/1120S income tax return?
Read More »
Q. Where Can I Find Out More About the FSIA?
Read More »






News

September 5, 25
78-year-old Florida woman finally gets birth certificate after lifelong wait
Read More »
September 3, 25
US Congress considers legislation to expedite VA death certificates
Read More »
August 27, 25
NYC apartment building residents angry at “aggressive” squatter with criminal record
Read More »
August 22, 25
UK man issued 2 death certificates to allegedly cover up hospital’s negligence – report
Read More »