twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

subscribe to free Mortgage Daily email newsletter

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

P R E S S   R E L E A S E


Dec. 3, 2012

North County Loan Officer Sentenced for Mortgage Fraud Conspiracy That Netted $1 Million in Bogus Fees

United States Attorney Laura E. Duffy announced that Simon Saeid Koli was sentenced today in federal court in San Diego by the Honorable Irma E. Gonalez to serve 30 months in custody, followed by three years' supervised release, for his role in a conspiracy to commit mail fraud, wire fraud, and money laundering in connection with a mortgage fraud scheme involving four expensive homes on Triton Street in Carlsbad, California. Koli pleaded guilty to the charge on July 13, 2012. Co-defendant Kian Ashkanizadeh, also a North County loan officer, entered a guilty plea to the same charge on Monday, July 9, 2012.

According to court documents and admissions during their guilty pleas, both defendants previously worked at a mortgage company called Southern California Finance, where they recruited family members and friends to supply their names and signatures on mortgage loan applications as the purported buyers for million-dollar homes. The defendants then fabricated the job titles, income, and assets of the purported buyers so they could qualify for an approximately $1 million mortgage loan on each property. The defendants also acknowledged that they arranged for $200,000 in sham "consulting fees" to come out of each transaction and another $45,000 for fraudulent "construction fees." The defendants took for themselves most of the extra $245,000 in fees paid out from each of the four transactions. The defendants also admitted disguising these "fees" by first funneling the payments through bank accounts owned by friends and relatives and then causing the funds to be withdrawn or transferred for their own benefit.

Defendant Koli will appear before United States District Judge Irma E. Gonzalez for a further hearing to determine the amount of restitution to be paid by the defendant on January 25, 2013, at 1:30 p.m. Judge Gonzalez ordered the defendant to report on February 11, 2013, to begin serving his sentence. Co-defendant Ashkanizadeh is scheduled to be sentenced by Judge Gonzalez on January 28, 2013, at 2:00 p.m.

Defendant in Criminal Case No. 12CR0403-IEG
Simon Saeid Koli

Summary of Charges
Count one: Title 18, United States Code, Section 371óconspiracy
Maximum penalties: five years' imprisonment, $250,000 fine or twice the gross pecuniary gain or twice the gross pecuniary loss (whichever is greatest), $100 special assessment, three years of supervised release

Investigating Agency
Federal Bureau of Investigation

Source: United States Attorneys Office for the Southern District of California

mortgage fraud case stories

mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines

Local Mortgage Fraud news
News about local mortgage fraud.

Logout forgot

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.

Mortgage Fraud Index
Dollar and index amount by quarter and state.

Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013

Mortgage Fraud News
News stories about fraud committed against home lenders.

Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.

local mortgage fraud

mortgage fraud links

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news