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Man Gets 6 Years in Mortgage Fraud Scheme
posted 6:55 pm Fri September 05, 2008 - Alexandria, Va.
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A federal judge has sentenced an Alexandria (web|news) man to nearly six years in prison in connection with a mortgage refinancing scheme.
The U.S. Attorney's Office says 41-year-old John Tsiaoushis also was ordered to pay nearly $4 million in restitution for the scheme, which occurred from 2004 until last November.
According to prosecutors, Tsiaoushis carried out the scheme by refinancing two residential properties in northern Virginia on six occasions.
Prosecutors say he provided lenders with false documentation, such as fake loan-payoff statements. He then arranged for the loan proceeds to be mailed to him by having the title companies send checks to commercial mail drop boxes that had been opened by friends and relatives.
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