Mortgage lender charged in $9.7 million scam

by Ryan Smith15 May 2015
A Pennsylvania mortgage lender has been charged with 12 counts of fraud in a $9.7 million mortgage scam.

David Fili Jr., 45, has been charged with 10 counts of wire fraud and two counts of bank fraud, according to a report by the Philadelphia Business Journal. Fili co-owned Capital Financial Mortgage Corp. in Folsom, Penn., from 2005 to 2013, according Journal. Capital Financial began life as a mortgage broker, but soon became a direct mortgage lender.

Prosecutors allege that while Fili co-owned the company, he defrauded “numerous” lenders, including Wells Fargo, into purchasing mortgages issued by Capital Financial. The mortgages were represented as first mortgages, but were actually worthless second mortgages, the Journal reported. Fili also allegedly defrauded lenders who loaned the company money on a warehouse line of credit.

Prosecutors say Fili used some of the $9,7 million proceeds of the fraud to pay the mortgage on his own vacation home, and for “extensive casino and sports gambling.”
 
 
 

COMMENTS

  • by Dominick F Sammarone | 5/15/2015 7:28:24 AM

    This little "piggy-banker" ruined the MARKETS
    This little "piggy-banker" foreclosed on HOMES
    This little "piggy-banker" had ROAST BEEF Wellington
    This little "piggy-bankers" customer's had NONE.
    This little "piggy-banker" went "wee wee wee!" all the way HOME, in the Hampton's.

    Pig's eventually get slaughtered. Don't be a pig.
    This is my kind of pig roast.
    Dominick F. Sammarone

  • by Cheryl M | 5/15/2015 7:47:34 AM

    LOL Dom, you should be a writer for mpa. Thank you for that funny Friday poem

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