FBI Scrutiny another fraud
By Melissa Correa Velázquez
EL Vocero
02 of noviembre 2009 05:00 am

Federal authorities are investigating another bank fraud scheme involving property appraisers, sales agents and managers of houses of financial institutions, sources from the spokesman.

It was learned that the feds are investigating the concept of 'rejects' used by developers of housing project in Puerto Rico. The sources used as an example the sale by a 'realtor' of a residence which was worth $ 1 million, sold for $ 1.4 million. The $ 400,000 that were charged above the appraised value was divided between the banker and appraiser.

Last August, He reported that authorities were carrying out a research that was caught in a vise to accountants, developers and senior executives of banking institutions. This as part of several investigations of bank fraud. According to sources, members of credit committees of banking institutions and developers can face charges of conspiracy, because the development is allegedly fraudulent documents to that financial institutions grant them loans for building projects.

Already, numerous subpoenas have been submitted by the Grand Jury.

Similarly, another of the angles investigated by federal authorities in relation to bank fraud is the filing of audited reports Fatule. Sources said several auditors are under investigation because they allegedly were provided for handling reports from banks.

On Monday, U.S. Attorney Rosa Emilia Rodriguez-repeated questions of El Vocero, "that these cases of bank fraud was soon would lie.

Although she was sentenced to six years imprisonment in the state forum, the former president of New York Mortgage, Nancy Hernandez, Noemi Perez and her daughter are targets of a probe whose evidence is evaluated by a grand jury in connection with bank fraud . THE SPOKESPERSON knew about three weeks ago the Grand Jury met in relation to this investigation. Several former employees of New York Mortgage few weeks ago appeared before that panel.

In fact, sources allege that other former employees of New York Mortgage are under investigation by federal authorities. Hernandez was charged in October 2008 for illegally withholding money from their customers for the cancellation of mortgage balance to be referred to the prior mortgagee whose mortgage levied on properties that were refinanced by the bank he ran.

Another financial institution that has been in the sights of the federal authorities is Beneficial Mortgage. A grand jury evaluates evidence about an alleged fraud scheme over $ 20 million from the company.

The said company was raided on 27 May 2009 by agents of the Internal Revenue Service (IRS, by its initials in English), the Secret Service, the Federal Bureau of Investigation (FBI), the Office of the Commissioner of Financial Institutions ( OCIF), the Police of Puerto Rico and the Special Investigations Bureau (NIE).

Although she was sentenced to six years imprisonment in the state forum, the former president of New York Mortgage, Nancy Hernandez, Noemi Perez and her daughter are targets of a probe whose evidence is evaluated by a grand jury in connection with bank fraud . THE SPOKESPERSON knew about three weeks ago the Grand Jury met in relation to this investigation. Several former employees of New York Mortgage few weeks ago appeared before that panel.