Thursday, May 08, 2008
Ex-Mortgage Lender Principals Are Charged in Mortgage Fraud
Two former principals at a Brooklyn mortgage lender have been charged with fraud in two separate schemes to steal more than $44 million in payoff proceeds from refinanced mortgages and to sell nonperforming mortgage loans using falsified loan histories.
Leib Pinter and Barry Goldstein, former principals of Olympia Mortgage Corp., have been indicted on charges of conspiracy and fraud charges.
The men are expected to be arraigned before a federal judge in Brooklyn late Thursday. They each face a maximum of 30 years in prison on the fraud charges.
Lawyers for the men didn't immediately return phone calls seeking comment Thursday.
The two schemes allegedly ran from 1994 until November 2004 -- when Olympia surrendered its license to act as a mortgage lender in New York, according to the indictment.
Prosecutors alleged Mr. Pinter, 64 years old, defrauded Fannie Mae by stealing payoff proceeds from 257 refinanced mortgage loans that Olympia was servicing for Fannie Mae.
In a separate scheme, Mr. Goldstein, 59, allegedly directed other Olympia employees to create fraudulent or "dummy" loan histories for nonperforming loans -- where a homeowner had either missed payments or made payments late -- in order to sell those loans to Credit Suisse First Boston, the government said.
CSFB, a unit of Credit Suisse Group, purchased 12 of those nonperforming loans, prosecutors said.
The investigation is being handled by the U.S. Attorney's office in Brooklyn and the Federal Bureau of Investigation.
http://online.wsj.com/article/SB121025785139377033.html?mod=googlenews_wsj
Leib Pinter and Barry Goldstein, former principals of Olympia Mortgage Corp., have been indicted on charges of conspiracy and fraud charges.
The men are expected to be arraigned before a federal judge in Brooklyn late Thursday. They each face a maximum of 30 years in prison on the fraud charges.
Lawyers for the men didn't immediately return phone calls seeking comment Thursday.
The two schemes allegedly ran from 1994 until November 2004 -- when Olympia surrendered its license to act as a mortgage lender in New York, according to the indictment.
Prosecutors alleged Mr. Pinter, 64 years old, defrauded Fannie Mae by stealing payoff proceeds from 257 refinanced mortgage loans that Olympia was servicing for Fannie Mae.
In a separate scheme, Mr. Goldstein, 59, allegedly directed other Olympia employees to create fraudulent or "dummy" loan histories for nonperforming loans -- where a homeowner had either missed payments or made payments late -- in order to sell those loans to Credit Suisse First Boston, the government said.
CSFB, a unit of Credit Suisse Group, purchased 12 of those nonperforming loans, prosecutors said.
The investigation is being handled by the U.S. Attorney's office in Brooklyn and the Federal Bureau of Investigation.
http://online.wsj.com/article/SB121025785139377033.html?mod=googlenews_wsj
Comments:
Werent these same two guys arraigned for something else in the 1980's?
Comment Credit ---This article posted by 
: May 08, 2008 3:48 PM
: May 08, 2008 3:48 PM
Time to extend the orthodox wing of the Federal Correctional Institution in Otisville, NY.
Comment Credit ---This article posted by : May 08, 2008 4:54 PM
: May 08, 2008 4:54 PM
Artscroll Pinter:
1) Salami and Cheese Put In a 'Kosher' Sandwich
New York Times
February 20, 1978
Salami and Cheese Put In a 'Kosher' Sandwhich
When Representative Elizabeth Hotlzman first started investigating complaints about the B'nai Torah Institute's operation of a summer feeding program, a Queens woman telephoned the Congresswoman's assistant, Elizabeth Lang, to describe the "Kosher" food she was receiving from the Queens Assistance Program, a B'nai Torah affiliate.
The woman said she specifically requested kosher food, but salami and cheese sandwiches were delivered to her site - a clear violation of Jewish laws that forbid the consumption of meat with dairy products.
"She told me she called the program and they put the 'Rabbi' on," Miss Lang recalled. "The Rabbi said, 'if it's kosher salami and kosher cheese, it's a kosher sandwich.'"
2)
Rabbi Pleads Guilty To Bribing of Flood
Washington Post
May 12, 1978
Charles R. Babcock, Washington Post Staff Writer
A Brooklyn rabbi pleaded guilty yesterday to paying more than $5,000 in bribes to Rep. Daniel J. Flood (D-Pa.) for the congressman's help in obtaining federal contracts for his Jewish poverty agency.
Rabbi Leib Pinter, 34, head of B'Nai Torah Institute in New York, told a federal judge in Manhattan that he paid Flood about $1,000 at least five times between late 1974 and early 1976.
...
1) Salami and Cheese Put In a 'Kosher' Sandwich
New York Times
February 20, 1978
Salami and Cheese Put In a 'Kosher' Sandwhich
When Representative Elizabeth Hotlzman first started investigating complaints about the B'nai Torah Institute's operation of a summer feeding program, a Queens woman telephoned the Congresswoman's assistant, Elizabeth Lang, to describe the "Kosher" food she was receiving from the Queens Assistance Program, a B'nai Torah affiliate.
The woman said she specifically requested kosher food, but salami and cheese sandwiches were delivered to her site - a clear violation of Jewish laws that forbid the consumption of meat with dairy products.
"She told me she called the program and they put the 'Rabbi' on," Miss Lang recalled. "The Rabbi said, 'if it's kosher salami and kosher cheese, it's a kosher sandwich.'"
2)
Rabbi Pleads Guilty To Bribing of Flood
Washington Post
May 12, 1978
Charles R. Babcock, Washington Post Staff Writer
A Brooklyn rabbi pleaded guilty yesterday to paying more than $5,000 in bribes to Rep. Daniel J. Flood (D-Pa.) for the congressman's help in obtaining federal contracts for his Jewish poverty agency.
Rabbi Leib Pinter, 34, head of B'Nai Torah Institute in New York, told a federal judge in Manhattan that he paid Flood about $1,000 at least five times between late 1974 and early 1976.
...
Comment Credit ---This article posted by : May 08, 2008 7:54 PM
: May 08, 2008 7:54 PM
Sounds like Leibel is crooked and rotten to the core. Is there anything he can do straight? Maybe he will have his hand cuffs on straight for a change.
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Comment Credit ---This article posted by : May 08, 2008 11:20 PM
: May 08, 2008 11:20 PM
