Home Philadelphia Press Releases 2013 California Man Charged in Multi-Million-Dollar Mortgage Fraud Scheme

California Man Charged in Multi-Million-Dollar Mortgage Fraud Scheme

U.S. Attorney’s Office August 02, 2013
  • Eastern District of Pennsylvania (215) 861-8200

Steven Pitchersky, 64, of Rancho Mirage, California, was charged today by information with one count of wire fraud, announced United States Attorney Zane David Memeger. Pitchersky, who operated Nationwide Mortgage Concepts, a California mortgage lender, is accused of engaging in a scheme to defraud Ally Bank that caused the bank a loss of approximately $5.3 million.

If convicted, the defendant faces a maximum possible sentence of 20 years’ imprisonment, three years’ supervised release, a $250,000 fine, and a $100 special assessment.

The case was investigated by the Federal Bureau of Investigation, the Office of the Special Inspector General for the Troubled Asset Relief Program, and the Department of Veterans Affairs Office of Inspector General, and is being prosecuted by Assistant United States Attorney David L. Axelrod.