Man Sentenced for Real Estate Fraud Scam
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Sometimes it does not pay to commit real estate fraud.
Long Island man who tried to flee to Germany and Mexico has been sentenced for masterminding a 3-point-1 million dollar real estate fraud in Nassau County.
The Nassau District Attorney says 35-year-old Sam Hilany of West Hempstead has been sentenced to two to six years in prison,
DA Denis Dillon says Hilany stolen money from real estate investors, an attorney, a title closer and an appraiser through a scheme of making up fake buyers with phony ID’s, and falsified employment, income and asset information.
Newsday reports that the worst part of the scheme was:
He bought most of these properties low, and would sell them high to people who didn’t know they were buying them,” Wallace said. “That’s what’s so insidious about this kind of case: Not only are the banks victimized, but the individuals who had their identities stolen are victimized.”
Mortgage and Investment fraud is a growing problem in the country, one that needs to be monitored much more closely.
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