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Head of Annandale Settlement Company Pleads Guilty in More Than $2 Million Short Sale Mortgage Fraud

insurancenewsnet.com | June 1, 2014

By Federal Information & News Dispatch, Inc.

U.S. Attorney's OfficeMay 27, 2014
Eastern District of Virginia (703) 299-3700

ALEXANDRIA, VA--Jose Marinay, 52, of Annandale, Virginia, pleaded guilty today to conspiracy to commit wire fraud for his involvement in a short sale mortgage fraud conspiracy.

Dana J. Boente, United States Attorney for the Eastern District of Virginia; Valerie Parlave, Assistant Director in Charge of the FBI's Washington Field Office; and Thomas J. Kelly, Special Agent in Charge, Washington D.C. Field Office, IRS-Criminal Investigation, made the announcement after the plea was accepted by U.S. District Judge Claude M. Hilton.

Marinay was indicted on April 15, 2014, by a federal grand jury on multiple charges, including conspiracy to commit wire fraud. Marinay faces a maximum penalty of 20 years in prison when he is sentenced on September 26, 2014.

According to court documents, Marinay operated a settlement company in Annandale named Virginia Smart Choice Settlements (which is now SCS Title & Escrow). Marinay helped prepare settlement statements that contained false information relating to liens, realtor commissions, title search fees, attorneys' fees, title insurance, recording fees, and taxes. Marinay caused the settlement statements to be sent to mortgage lenders, and in some instances, he shredded the statements to conceal evidence of the fraudulent transactions.

According to the statement of facts filed with Marinay's plea agreement, a co-conspirator used the settlement statements to fraudulently induce mortgage lenders to execute short sales--real estate transactions in which the mortgage lender agrees to accept a price less than the amount owed on the property--on at least seven occasions. Immediately after the short sale, the co-conspirator sold the property to a new buyer in violation of representations and agreements made with the short sale mortgage lender. As a result of this scheme, the affected financial institutions suffered losses of over $2 million.

This case was investigated by the FBI'sWashington Field Office and IRS-Criminal Investigation. Assistant U.S. Attorney Uzo Asonye and Trial Attorney Todd Ellinwood of the Justice Department'sTax Division are prosecuting the case.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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