California Man Sentenced to 51 Months for Fraud

fraud

Does anyone else find it incredulous that this guy gets 51 months in the pen, which he certainly had coming, for defrauding GMAC out of 5 million dollars while the heads of B of A, Chase and many other big lenders defrauded the U.S. Taxpayer out of billions of dollars and nobody spent a day in jail. As our Vice President  said – these guys are just too big to jail.  For a more detailed look at this subject – please read the article below.

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Steven Pitchersky of Rancho Mirage, California was sentenced to 51 months in federal prison for a scheme to defraud GMAC Inc., since rebranded as Ally.

Through his fraudulent actions, the company incurred losses of approximately $5.3 million. In addition to the prison term, Pitchersky is ordered to pay restitution in the amount of roughly $3.2 million, serve five years of supervised release, and a $100 special assessment.

“Greed got the best of Pitchersky, and for his crimes, he will spend the next 51 months in federal prison,” said Christy Romero, Special Inspector General. “Through his mortgage origination company, Pitchersky ran a $5.3 million mortgage fraud scheme that caused millions of dollars in losses to Ally Financial, which still owes billions in TARP funds.”

Pitchersky operated Nationwide Mortgage Concepts (NMC), a California Mortgage Lender. Between 2009 and 2011, Ally was the warehouse lender for thousands of mortgages loans. NMC borrowed from a $10 million warehouse line of credit to refinance first mortgages held by other institutions.

Pitchersky misrepresented himself to Ally in order to secure the warehouse line of credit, including a false representation that NMC already had another $10 million warehouse line of credit with another company. The company, “MPL,” was a fake, with a contact number listed for a “Rick Jay” that dialed to Pitchersky’s cell phone.

To read the complete article – please use the link below.

51 Months for Fraud

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