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Dallas-Fort Worth Homebuilder Guilty In Mortgage Fraud Scheme

Texas Business reports: PLANO—A Dallas/Fort Worth homebuilder pleaded guilty to a mortgage fraud scheme in the Eastern District of Texas, announced U.S. Attorney John M. Bales Thursday.

Yunus Mandli a/k/a Jonah Mandli, 63, of Rockwall, Texas, pleaded guilty to conspiracy to commit wire fraud on June 21, 2011 before U.S. Magistrate Judge Don D. Bush.

According to information presented In court, Mandli was the owner of Oxford Fine Homes, a company that built custom homes.  As part of the mortgage fraud scheme, he and others caused material misrepresentations, including an inflated purchase price and fraudulent employment and income information, to be submitted to a mortgage lender.  Mandli would then permit the excess funds distributed at closing to be paid out as kickbacks.

Mandli faces up to five years in federal prison, a $250,000 fine, and restitution for the victim.

This case is being investigated by the IRS, HUD-OIG, and FBI and is being prosecuted by Assistant U.S. Attorney Christopher A. Eason.