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June 6, 2018

Posted  June 7, 2018

California-based fraudsters Maher Obagi and Mohamed Salah each received prison sentences and orders to pay millions in restitution for perpetrating a mortgage fraud scheme during the 2008 financial crisis. Obagi and Salah propped up struggling condo developments by buying multiple units at a discount, then concealed these kickbacks from lenders, who funded loans in excess of actual purchase prices; many of the loans went into default, costing mortgage lenders, including Fannie Mae and Freddie Mac, more than $10 million. USAO CDCA

Tagged in: Housing and Mortgage Fraud,