Mortgage Loan Company Owners And Lawyers Indicted In Mortgage Fraud Case

Posted on: December 16, 2009 at 8:18 p.m.

A growing area of Los Angeles white collar crime is mortgage fraud, and Los Angeles criminal defense attorneys are defending more and more executives charged with mortgage fraud. In Los Angeles, because real estate is such an important industry, mortgage fraud becomes a serious crime.

Five people were recently indicted on charges for participating in a $14.6 million mortgage fraud plot in Philadelphia that resulted in 35 fraudulent mortgage loans.

Those facing charges include Edward McCusker and John Alford Bariana, owners of Axxium Mortgage Inc.; Mr. McCusker's wife, Jacqueline; and Jeffrey A. Bennett and Stephen G. Doherty, owners of Doylestown, Pa., law firm Bennett & Doherty PC. The charges brought on include conspiracy to commit mail and wire fraud, mail and wire fraud, and conspiracy to commit money laundering. Doherty also faces a charge of bankruptcy fraud.

According to the indictment, the defendants targeted financially distressed homeowners that were at risk of facing foreclosure or were facing foreclosure, falsely promising help to save their homes and obtaining several fraudulent mortgages.

"Unfortunately, the downturn in the economy has given rise to unscrupulous predators looking to cash in on the misfortune of others," said U.S. Attorney Michael Levy. "This sort of fraudulent activity not only preys on desperate homeowners, it weakens our financial institutions, destroys neighborhoods by leaving properties abandoned and devalues the homes of innocent neighbors."

If convicted, the McCuskers, Bennett and Bariana face maximum sentences of 240 years in prison and $3.25 million in fines while Doherty faces a maximum sentence of 385 years in prison and $4 million in fines.

As you can see from the above example, Los Angeles mortgage fraud is a serious manner that can have colossal consequences on anyone involved. Mortgage loan company owners as well as lawyers were indicted in Philadelphia; each faces a heavy maximum sentence in prison as well as sky-high fines if convicted.

The Los Angeles housing market is just as vulnerable as any other in the country and people are sometimes falsely accused of mortgage fraud for various reasons or misunderstandings. A Los Angeles mortgage fraud defense team can help if you have been accused of mortgage fraud or any of a list of white collar crimes.

The professional Los Angeles mortgage fraud defense team at Kestenbaum, Eisner & Gorin, LLP has over 50 years of in-court experience and can help you if you have been accused of mortgage fraud. We will work on your behalf to minimize the consequences brought on by a mortgage fraud charge or have your case dropped altogether. If you have been accused of a Los Angeles mortgage fraud be sure to contact the Los Angeles mortgage fraud defense team at Kestenbaum, Eisner & Gorin, LLP at 1-877-781-1570 or visit our site at www.keglawyers.com.

Tagged as: los angeles criminal defense attorney, los angeles mortgage fraud, los angeles white collar defense attorney

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