Login | Register | Staff Directory | Print Advertising | Online Advertising | Subscribe | About Us
Welcome to Fauquier.com
News from Gainesville Times and Prince William Times
Advanced Search

Police say financial crimes enterprise targeted region’s Hispanic community

A twenty-five count superseding indictment was unsealed today charging five defendants— including two Manassas men.—with conspiracy to commit bank fraud and wire fraud affecting a financial institution and operating a continuing financial crimes enterprise. According to the indictment, between August 2005 and August 2007, the conspiracy generated nearly $7.4 million in fraudulent proceeds.

Dana J. Boente, Acting United States Attorney for the Eastern District of Virginia; Valerie Parlave, Assistant Director in Charge of the FBI’s Washington Field Office; and Fred W. Gibson, Acting Inspector General of the Federal Deposit Insurance Corporation, made the announcement.

The indictment alleges that two of the defendants,operated a real estate firm (Vilchez & Associates), a title insurance company (Pino Title), and the branch of a loan brokerage business (Mount Vernon Capital Corporation) in Manassas, Va., as a continuing financial crimes enterprise. According to the indictment, the defendants and their co-conspirators submitted fraudulent loan documents that falsified their real estate clients’ income, employment, and assets so that they could obtain loans to buy property through Vilchez & Associates, which received commissions of as much as six percent of the selling price of every home. Many of these transactions involved loans that allegedly were originated fraudulently by Lorene Chittenden, a loan officer who, according to the indictment, received thousands of dollars in loan commissions as a result of the fraud.

The indictment also alleges that the defendants targeted Hispanic clients who were not proficient in spoken or written English and who therefore often were unable to read and were unaware of the false statements made on the loan documents submitted to the lenders on their behalf. According to court filings, the fraudulent loan applications made it possible for the borrowers to qualify for loans they could not afford to repay. Most of these borrowers later lost their homes to foreclosure.

This case was investigated by the FBI’s Washington Field Office and the FDIC’s Office of Inspector General. Assistant United States Attorney James P. Gillis is prosecuting the case on behalf of the United States.
More Local News

LETTER:PW Parkway construction is a disgrace

Holidays start early

Lights, noise and laser guns

COLUMN:Another Voice - A true medical home

The Bone brings barbecue to Manassas

Haymarket author explores the year 1844; Book signing is Nov. 23

Suspect wanted in connection with Keating Drive Murder

COLUMN:Virginia Afield -All choked up about croaker fishing

Express lanes to open next month

Scoreboard:Football - Playoffs

Scoreboard:Cross country

Help for holidays; Brown Foundation offers aid

Prince William Guide


seal Nominate your favorite businesses and things to do in Prince William this winter!

Stay
Connected


Follow Us
on Twitter

News | Sports

Like Us
on Facebook

News & Sports

Subscribe
via RSS

News

Join Our
Email List

Sign up for
weekly updates