Getzville Man Charged with Bank Fraud and Identity Theft

BUFFALO, NY—U.S. Attorney William J. Hochul, Jr., announced today that James P. Vasiliou, Jr., 46, of Getzville, New York, was charged by complaint with bank fraud and aggravated identity theft. The charges carry a maximum penalty of 30 years in prison, a fine of $ 1,000,000, or both.

Assistant U.S. Attorney Trini E. Ross, who is handling the case, stated that according to the complaint, the defendant devised a scheme to defraud JP Morgan Chase Bank and Bank of America. The complaint alleges that shortly after buying 16 properties in Buffalo, Lockport, and Sanborn, New York for purchase prices between $7,500 and $20,000, Vasiliou had them re-appraised at a significantly higher value than the original purchase price. The defendant then refinanced the properties through JP Morgan Chase and Bank of America and took out the inflated equity. The amount totaled $502,530.08. The complaint further alleges that Vasiliou activated a dormant credit card through Bank of America that once belonged to his deceased father who shared the same name using the personal identifiers of his deceased father. This account was reactivated one month after the death of the defendant’s father. Once activated, the defendant wrote convenience checks through the account totaling $14,500.

The complaint is based on an ongoing investigation by the Mortgage Fraud Task Force of WNY, led by the U.S. Attorney’s office, which includes agents and personnel from the U.S. Postal Inspection Service under the direction of Inspector in Charge Robert Bethel; the Housing and Urban Development Office of Inspector General under the direction of Special Agent in Charge Rene Febles; the Internal Revenue Service under the direction of Special Agent in Charge Charles Pine; the United States Secret Service under the direction of Special Agent in Charge Tracy Gast; and the Federal Bureau of Investigation under the direction of Acting Special Agent in Charge Richard W. Kollmar.

The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.