Thursday, November 10, 2005
The U.S. Attorney's Office for the Northern District of Texas announced the conviction of three defendants in a large-scale mortgage fraud scheme that targeted Countrywide Home Loans, a national mortgage lender. The three defendants, Tam Nguyen, Xuyen Nguyen, and Myna Tran, were convicted of conspiracy, mail and wire fraud related to a scheme involving 18 properties in which the defendants used inflated appraisals and straw borrowers to siphon mortgage funds. According to a press release (here):
All of these transactions had the same unique fingerprint for the crime – all Countrywide loans, all houses have fraudulent appraisals doubling the fair market value of the houses, all have straw borrowers recruited usually from Seattle, Washington, who were flown in by Xuyen Nguyen to sign the fraudulent paperwork, and all have a flurry of money laundering cashier check activity after the transaction is closed where the money is funneled to various participants.