ALEXANDRIA, Va. (Legal Newsline) - A federal grand jury indicted an Ashburn, Va., man Monday with conspiracy and mortgage fraud charges related to his role in alleged fraudulent mortgage loan transactions.
According to the 12-count indictment, from 2006-2008, Nadin Samnang, 29, is accused of engaging in a plot to defraud mortgage lenders by using his position as a realtor and the owner of a title company. The alleged fraud affected at least 25 northern Virginia homes and more than $7 million in losses to lenders.
Samnang and other members of the conspiracy allegedly recruited unqualified buyers-usually individuals with good credit but insufficient assets or income to qualify for a particular loan-and used them as nominal purchasers in residential real estate transactions.
As part of the conspiracy and fraud scheme, Samnang and others are accused of falsifying mortgage loan applications, creating fake documents to support the fraudulent applications, and adding the unqualified buyers as signatories on their bank accounts to make it appear to lenders as though the buyers possessed sufficient assets to qualify for the loans.
If convicted, Samnang could serve 20 years in prison on each count.