Real estate broker gets 3-year prison term over fraudulent short-sale scheme

by Francis Monfort12 Aug 2018

A Massachusetts real estate broker has been sentenced to three years in prison for her role in a fraudulent short-sale conspiracy that defrauded banks and mortgage companies, the US Attorney’s Office for the District of Massachusetts announced.

In addition to the prison term, Greisy Jimenez was also sentenced by US Senior District Court Judge Mark Wolf to four years of supervised release and ordered to pay a fine of $12,500. The sentence follows Jimenez’ plea of guilty in January to two counts of bank fraud and one count of conspiracy to commit bank fraud.

The court will determine issues of restitution and forfeiture later in August.

Vanessa Ricci, a mortgage loan officer who also participated in the short-sale scheme, has been earlier sentenced to six months in prison. Two real estate closing attorneys who conspired with Jimenez and Ricci were also sentenced in relation to the scheme. The three co-conspirators also pleaded guilty to the conspiracy.

The charges against Jimenez stem from a scheme where homes in Haverhill, Lawrence, and Methuen were purportedly sold through bogus short sales with the “sellers” remaining in their homes. Various banks were defrauded when the owners saw their debts substantially reduced.

Jimenez and others submitted materially false and misleading documents to numerous banks in an effort to induce them to permit the short-sales. Simultaneously, the co-conspirators induced the purported buyers’ banks to provide financing for the deals.


Related stories:
Fraudulent short-sale scheme lands loan officer in prison
PA man gets 5 years in prison for $13 million mortgage fraud




Should CFPB have more supervision over credit agencies?