Loan Broker Pleads Guilty to Mortgage Fraud While Working for Two Annandale, Virginia Companies
| U.S. Attorney’s Office August 26, 2010 |
ALEXANDRIA, VA—Matthew A. Kim, 39, of Alexandria, Va., pled guilty today to engaging in mortgage fraud as a loan broker for two local mortgage companies.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia; Shawn Henry, Assistant Director in Charge of the FBI Washington Field Office; and Daniel S. Cortez, Inspector in Charge of the Washington Division of the United States Postal Inspection Service, made the announcement after the plea was accepted by United States District Judge Gerald Bruce Lee.
Today, Kim pled guilty to one count of bank fraud and faces a maximum penalty of 30 years in prison and full restitution when he is sentenced on Nov. 22, 2010.
According to a statement of facts filed with his plea agreement, Kim was a loan processor and mortgage broker with Alda Home Mortgage in Annandale, Va., from 2002 until 2006. While at Alda Home Mortgage, Kim falsified loan applications for under-qualified borrowers, using phony W-2s and phony bank statements to support the borrowers’ inflated income and bank account figures. In 2007, using the same deceptive practices, Kim began originating fraudulent loans at Onyx Financial Services, also in Annandale. In total, at both Alda Home Mortgage and Onyx Financial Services, Kim’s fraudulent practices brought about mortgage losses of approximately $1.9 million to a number of financial institutions.
This case was investigated by the FBI Washington Field Office and the United States Postal Inspection Service. Assistant United States Attorneys Stephen P. Learned and Edmund P. Power prosecuted the case on behalf of the United States.
A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at http://www.usdoj.gov/usao/vae. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at http://www.vaed.uscourts.gov or on https://pacer.login.uscourts.gov.