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How bold, desperate and stupid can you get????
By admin | April 7, 2008
Sentenced to 16 months in federal prison and $650,000+ in restitution, Khalil Salim Arbid, 35, of Washington, D.C., received his sentence for his role in a mortgage refinancing scheme.
Arbid fraudulently attempted to obtain approximately $1,996,131.02, and successfully obtained $670,132.02, through the refinancing scheme. To carry out the scheme, Arbid took ownership of a residential property located in Vienna, Virginia by deed of gift. When Arbid obtained the property, it was encumbered by a pre-existing mortgage loan. Then, on three occasions, he attempted to obtain additional mortgage loans on the property, using the property as collateral. In applying for the loans, he provided the would-be lenders with false documentation.
For example, Arbid provided false loan-payoff statements purporting to be from current mortgagees, and false Certificates and Affidavits of Satisfaction purporting to be from prior mortgagees. On one occasion, he successfully refinanced the property and obtained a loan in the amount of $670,132.02. He then arranged for $376,191.87 of the loan proceeds to be misdirected to himself by causing the title company closing the loan to send a check for the proceeds, which were ostensibly to be used to pay off the pre-existing mortgage on the property, to a false address. In reality, the address was a commercial mail drop located in the District of Columbia. The check was endorsed and deposited into a bank account that Arbid had previously opened.
Topics: Northern Virginia Real Estate, Vienna VA Real Estate |