A Huntington Beach man was sentenced Monday to nine years in federal prison for his role in a “builder bailout” real estate scheme in which more than 100 condominium units were fraudulently purchased across the country.
Momoud Aref Abaji, 36, was convicted in 2016 of multiple felony counts of bank fraud, wire fraud and tax evasion following a string of foreclosures that led to an estimated $10 million in losses for lenders.
Abaji and several co-defendants who worked with Excel Investments and related companies in Santa Ana and Irvine targeted struggling condominiums for purchase, negotiating to buy the units from developers in return for “hefty commissions,” according to federal prosecutors.
Abaji and the others were accused of using straw buyers and false information such as fake employment and income records to fabricate documents such as altered W2 forms, pay stubs and bank statements. Their lenders were left with millions in losses after the loans went into default and the properties went into foreclosure.
Sign up for our breaking news email newsletter: When major local news happens, you will be the first to know. Subscribe here.
U.S. District Judge Andrew Guilford during Monday’s hearing at the federal courthouse in Santa Ana described Abaji’s sentence as fair, although he noted that it was lower than requested by prosecutors.
“I see many people hurt along the way, with significant losses,” the judge said of Abaji’s actions.
Abaji, on the advice of his attorney, opted not to speak during the sentencing hearing. His attorney unsuccessfully lobbied the judge for a shorter sentence, at one point asking him to take into account the fact that Abaji, who was born in Syria, is likely to be deported after serving his prison time.
Source: OC Register
Huntington Beach man sentenced to prison for ‘builder bailout’ scheme
More from courtsMore posts in courts »
- Judge says ex-Trump attorney, Chapman Law dean John Eastman should be disbarred in California
- Embattled LA developer accuses its financial chief of looting $40 million intended for homeless housing
- Sold a home recently? Here’s what you’ll get from the $418 million Realtor settlement
- Man gets 10 years in prison for killing woman while speeding and high on methamphetamine in Anaheim
- OC man on trial for stabbing 22-year-old to death outside Anaheim bar
More from Crime + Public SafetyMore posts in Crime + Public Safety »
- Triple-digit heat hitting some Southern California communities
- Garden Grove man, who served time for terrorism, now accused of drug trafficking
- Woman charged with murder after pursuit that ended with fatal crash in Dana Point
- Southern California heat to stick around this week, but a cool-off is coming
- 15-year-old fatally stabbed in Aliso Viejo, Mission Viejo woman arrested
More from fraudMore posts in fraud »
- Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison
- Elderly California woman targeted in home-stealing scam, killed in murder-for-hire, sheriff says
- FBI raids office, homes tied to Newport Beach investment company amid criminal investigation
- Owner of food truck sales company operating in IE after allegedly leaving dozens empty-handed in NorCal
- Lancaster beverage company that caters to women ordered to pay $12.7 million for alleged fraud
More from NewsMore posts in News »
- Costco cracking down on non-members eating at food courts
- Why did more than 1,000 people die after police subdued them with force that isn’t meant to kill?
- Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison
- Judge says ex-Trump attorney, Chapman Law dean John Eastman should be disbarred in California
- LA County to end psychological screening of DCFS trainees under $2.7 million settlement
More from Top Stories OCRMore posts in Top Stories OCR »
- Why did more than 1,000 people die after police subdued them with force that isn’t meant to kill?
- Judge says ex-Trump attorney, Chapman Law dean John Eastman should be disbarred in California
- The Real Tarzann’s zoo near Temecula targeted by PETA, code enforcement
- Dave Min and Scott Baugh set up November showdown in CA-47 race
- Embattled LA developer accuses its financial chief of looting $40 million intended for homeless housing
Be First to Comment