Mortgage Daily

Published On: March 19, 2009
Exec Incarcerated Over $44 Million in Fannie LossesLeib Pinter sentenced to 97 months

March 19, 2009

By MortgageDaily.com staff

Fannie Mae seller-servicer forgot to pass on $44 million in proceeds from refinanced loans. Today, the principal of that firm was sentenced to more than eight years in prison.Leib Pinter was sentenced to 97 months in prison, the U.S. Department of Justice reported today. He also faces more than $43 million in restitution.

Pinter, 64, plead guilty to a wire fraud conspiracy on Sept. 11, 2008, the statement said. He could have received a sentence of as much as 30 years.

He was previously a principal of Olympia Mortgage Corp., which closed down in 2004.

Pinter was originally indicted last year along with Barry Goldstein, who was also a principal at the Brooklyn, N.Y.-based firm.

Pinter allegedly operated a scheme where he would refinance loans owned by Fannie Mae. But instead of using wired funds to pay off the existing liens, he diverted the funds for the benefit of Olympia.

In all, Fannie was left holding around $44 million in worthless investments.

Goldstein was indicted for allegedly selling a portfolio of 12 non-performing mortgage loans to Credit Suisse First Boston using fraudulent payment histories.

Related:
Pair Accused of Secondary Fraud
A pair of former executives of a New York-based mortgage banker have been charged with duping secondary market lenders on mortgage purchases exceeding $40 million.

Brooklyn Firm Diverted Mortgage Payments, Proceeds
California regulators have taken action against a New York mortgage banker after N.Y. regulators suspended the company’s license in that state for diverting loan payments and proceeds.

Fannie Mae profilenext story

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