This is how they committed bank fraud in the purchase and sale of properties in MARYLAND

A federal grand jury returned an indictment charging Philip Abramowitz, 50, of Pikesville, Maryland, with bank fraud and conspiracy to commit bank fraud and Calvin Abramowitz, 48, of Lakewood, New Jersey, with conspiracy to commit bank fraud. and for making false statements on a loan application.

The defendants will have initial appearances on March 24, 2022, beginning at 1:30 pm, in the US District Court in Baltimore before US Magistrate Judge Coulson.

The indictment was announced by United States Attorney for the District of Maryland Erek L. Barron and Special Agent in Charge Shawn Rice of the US Department of Housing and Urban Development’s Office of Inspector General.

According to the four-count indictment, from May 2016 to April 2017, Philip and Calvin Abramowitz conspired to defraud two financial institutions out of money and property under fraudulent pretenses. Philip, Calvin Abramowitz and others allegedly submitted mortgage applications totaling $535,448 to finance the purchase of two Baltimore properties. The loan applications allegedly contained false information that misrepresented the financing of the purchases and the ownership interests and intentions of the parties involved.

As alleged in the indictment, Philip Abramowitz directed family members to apply for and receive Federal Housing Administration loans in his name to finance the purchase of two of his properties in Baltimore. Additionally, the indictment alleges that Philip and Calvin Abramowitz concealed Philip Abramowitz’s involvement in the real estate transactions and presented false bank records and company documents during the loan application process to hide the family relationship of the buyers and sellers. .

Additionally, the indictment alleges that Philip Abramowitz falsified the LLC’s records to create the illusion that his property manager was the sole owner of the selling entity in both property transactions and directed his property manager to sign all closing documents as the “seller” to finalize the sales. and disbursement of loan proceeds. Additionally, the indictment alleges that Philip Abramowitz provided funds to Calvin Abramowitz to cover closing costs for Calvin Abramowitz and other family members for both properties.

If convicted, Philip Abramowitz faces a maximum sentence of 30 years in federal prison for bank fraud and 30 years in federal prison for conspiracy to commit bank fraud. If convicted, Calvin Abramowitz faces a maximum sentence of 30 years for bank fraud, a maximum of 30 years for conspiracy to commit bank fraud and 30 years in federal prison for making false statements on a loan application. Actual sentences for federal crimes are often less than the maximum sentences. A federal district court judge will determine any sentence after taking into account the US Sentencing Guidelines and other legal factors.

An indictment is not a finding of guilt. A person accused by indictment is presumed innocent unless and until proven guilty in some subsequent criminal proceeding.