Californai CPA found guilty in $1.6 million scam

by Ryan Smith09 May 2014
A California CPA has been found guilty for her role in a mortgage fraud scheme in Nevada.

Carmen Denise Mosley, 43, was convicted of conspiracy to commit bank fraud, wire fraud and two counts of bank fraud following a five-day trial, according to a report in San Fernando Valley’s Post-Periodical. Mosely faces up to 30 years in prison and a $1 million fine for each count.

According to prosecutors, Mosley and Zulfiya Karimova, a Cupertino, Calif., loan officer, put false information into home buyers loan applications. Kaimova would falsify information about buyers’ income and assets, and Mosley would provide phony tax documents to support the fraudulent income information.

At home sale closings, Mosley and Karimova would get the loan proceeds disbursed to themselves, the Post-Periodical reported. Financial institutions approved loans for three homes based on the fraudulent information provided by the pair, according to the Post-Periodical. All three loans defaulted, causing lenders to lose about $1.6 million.

Mosley will be sentenced on Aug. 5. Karimova has already pleaded guilty in the case. She is scheduled to be sentenced on May 27.


Should CFPB have more supervision over credit agencies?