Michigan man pled guilty to multimillion dollar loan fraud
March 12th, 2010 - 4:48 am ICT by BNO News ( Leave a comment )DETROIT, MICHIGAN (BNO NEWS) – A Michigan man pleaded guilty to a multimillion dollar loan fraud scheme, prosecutors said Thursday.
Paul Bashi, 27, of Royal Oak and formerly of Washington Township, Michigan, admitted that he operated a fraudulent mortgage scheme from September 2006 to March 2008 that totaled in approximately $6 million, issued on 10 properties by different financial institutions, which all resulted in foreclosure.
Bashi recruited straw borrowers and assisted them in applying for loans to purchase residential property based on false information and fraudulent documentation regarding employment, income, and/or assets, among other things.
Furthermore, Bashi helped several people obtain other types of loans for vehicles, personal line of credit, and installment loans also based on false information. Loans totaling $480,000 were issued by area banks and credit unions, which were never paid back.
Bashi is currently facing a sentence that ranges from 92 months to 115 months.
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