ID thief facing prison after mortgage fraud

by Ryan Smith19 Feb 2014
A Maryland man is facing up to 30 years in prison after admitting that he used a stolen identity to commit mortgage fraud.

Mokorya Cosmas Wambura, 45, pleaded guilty to aggravated identity theft and conspiracy to commit wire fraud in connection with two separate mortgage scams.

Prosecutors say that between 2007 and 2008, Wambura conspired with real estate agent Edgar Tibakweitira, among others, to use a stolen identity to buy residential properties. In one case, the conspirators used a stolen identity, along with phony income and credit information, to buy a piece of property in Hyattsville, Md. They then inflated the properties values by falsifying documents for repairs that were never made and diverted the cash received for the repairs for their own use.

During another scam that ran from 2007 to 2009, another conspirator sold his home to Wambura and attempted to conceal the sale by using the identity of Wambura’s roommate. Again, the conspirators falsified income and asset statements; Wambura opened a credit union account in his roommate’s name without the roommate’s knowledge. After securing a mortgage and buying the residence, Wambura used his friend’s identity to become a Section 8 landlord and receive federal funds. He also managed to get more than $29,000 in government housing assistance checks, payable to his roommate, to be mailed to him instead.

Altogether, the two scams caused between $400,000 and $1 million in losses to financial institutions. Wambura faces up to 30 years in prison and a fine of up to $1 million. He is scheduled to be sentenced June 16.
 

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