baltimore, Maryland – U.S. District Judge Richard D. Bennett sentenced Philip Abramowitz, 50, of Pikesville, Maryland, to one year in federal prison and one year of home arrest, followed by three years of supervision. sentenced to release below. He gets a federally-backed mortgage. Judge Bennett also ordered Abramowitz to forfeit his $373,684 in damages and his $493,037.
The ruling was announced by Maryland District Attorney Erec L. Barron and Special Agent Jerome A. Winkle for the U.S. Department of Housing and the Inspector General’s Office of Urban Development.
“Abramowitz openly lied to federal agencies and abused a federal loan program intended to ease the financial stress of buying a home. will continue to prosecute,” said Erek L. Barron, U.S. Attorney for the District of Maryland.
“Abramowitz’s conduct is unacceptable and undermines the goals of the FHA Loan Program,” said Deputy Special Agent for Jerome A. Winkle. “HUD OIG is committed to working with partners at the U.S. Department of Justice to hold individuals like Abramowitz accountable and recover fraudulently obtained funds from the HUD program.”
According to his guilty plea, from May 2016 to April 2017, Abramowitz and others committed two crimes by fraudulently obtaining Federal Housing Administration (FHA) loans and property. Conspired to defraud financial institutions. The FHA is part of the U.S. Department of Housing and Urban Development (HUD) and provides mortgage insurance for loans made by FHA-approved lenders. To qualify for an FHA-insured loan, the buyer must use the residence as its primary residence, disclose any family or business relationship between the seller and the buyer, and the source of funds the buyer intends to use for the down payment and closing. must be disclosed. cost.
Philip Abramowitz used his company, 163 N. Potomac St., LLC, to facilitate the sale of his property in Potomac Street, Baltimore, Maryland using an FHA-insured loan. admitted. For example, in May 2016, Abramowitz sold one of his Potomac Street estates (Property 1) to his brother Calvin his Abramowitz, who sold Calvin his Abramowitz and his FHA insurance. entered into a contract to purchase the property using an attached loan.
Calvin Abramowitz applied for and received a $294,566 FHA-insured loan from Mortgage Company 1 by falsely presenting Philip Abramowitz’s bank account records as his, according to court documents. Calvin and Philip Abramowitz also: Hiding family ties from Mortgage Company 1 by submitting false company declarations during the loan application process. Philip Abramowitz’s property manager (Property Manager 1) pretended to be the sole seller and manager of his 163 N. Potomac St., LLC. Arranged for property manager 1 to sign the FHA loan contact as the official seller of the property. Philip Abramowitz’s involvement in the ownership or sale of his 163 N, Potomac St., LLC was not disclosed.
To meet the requirements of the loan procurement process, Philip Abramowitz gave Calvin Abramowitz $10,500 to pay the closing costs of Property 1. Based on fraudulent financial information presented during the loan application process, Mortgage Company 1 lent Calvin Abramowitz his $294,566 for the purchase of Property 1. Most of the proceeds of the loan were then credited to Philip he Abramowitz’s bank account. Ultimately, Calvin Abramowitz never used Property 1 as his primary residence, stopped making mortgage payments, and rented the property to tenants for a year before the property went into foreclosure.
As detailed in the plea deal, Philip Abramowitz used an FHA-insured loan to give another family member (Relative 1) his second Potomac Street estate (Relative 1) in March 2017. I arranged the sale of property 2). To expedite the sale of Property 2, Relative 1 applied for his FHA-insured loan with another mortgage company (Mortgage Company 2). Using the same methods to trick Mortgage Company 1, Philip Abramowitz concealed family ties to Relative 1, falsely listed his property manager as the sole seller and owner of Property 2, Submitted multiple fraudulent documents to Mortgage Company 2, including an affidavit of ownership of the LLC. He claims that property 2 is not owned by any other person or entity.
As he did in the sale of Property 1, Philip Abramowitz violated the requirements of the FHA loan by: Misrepresenting your bank account information as a relative1 during the FHA loan procurement process. and deposited most of the loan proceeds into his personal bank account. Relative 1 has never used Property 2 as their primary residence and has never made monthly mortgage payments to Mortgage Company 2, resulting in a foreclosure.
Calvin Abramowitz, 48, of Lakewood, New Jersey, previously pleaded guilty to bank fraud in connection with his role in the scheme and faces up to 30 years in federal prison. . Judge Bennett is scheduled to sentence Calvin Abramowitz on December 6, 2022 at 2:30 p.m.
U.S. Attorney Erek L. Barron praised HUD-OIG for its work in the investigation. Mr. Barron thanked Assistant U.S. Attorney Martin J. Clarke for prosecuting the federal lawsuit.
To learn more about the Maryland U.S. Attorney’s Office, its priorities, and the resources available to help your community, visit: www.justice.gov/usao-md When https://www.justice.gov/usao-md/community-outreach.
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