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Grapevine man sentenced for Collin County mortgage scheme
By Danny Gallagher, dgallagher@acnpapers.com
Federal prosecutors reached a plea deal with a Grapevine man responsible for defraud mortgage lenders using 24 Collin County properties.
Esshan Samuel Agha received a 51-month federal prison sentence in the U.S. Eastern District of Texas court a $4.1 million restitution order on charges of conspiracy to commit mail fraud, according to federal court records.
Agha's scheme consisted of soliciting home buyers to purchase homes that either he or an "unnamed co-conspirator" already owned and using the buyers to set up mortgages for those homes, according to the U.S. Attorney's Office.
First, Agha would locate a residential property either through information he obtained or through a third party. Then he would purchase the property and solicit bids for it from a buyer. A "recruiter" would offer the buyer a fee for purchasing the property.
"The property would be sold to the buyer for a price that was higher than the price for which Agha or the recruiter paid to purchase the house," according to the information docket.
Next, Agha would submit information to obtain a mortgage loan on behalf of the buyer with inflated or false information. He would then divide the profit obtained from the loan with the recruiter leaving the buyer to default on their mortgage, according to the information docket.
The U.S. Attorney's Office said Agha was caught under a new federal law enforcement task force.
"President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes," U.S. Attorney's Office spokeswoman Davilyn Walston said in a released statement. "The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes."
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