Ohio Man Charged in Mortgage Fraud Scheme

Cleveland, OH - June twenty-three, 2009 - - William J. Edwards, US lawyer for the North District of Ohio, voiced today that an info has been filed against Paul R. Tomko charging him with one count of mail crime in connection with mortgage loans that were got fraudulently. According to court records, Tomko, age 36, lives in Middleburg Heights, Ohio.

 The info alleges that from Aug 2003 thru Jan 2005, Tomko and others who were not named executed a plan to defraud Homecoming Monetary Network and Peoples’s Choice Home Loans in association with 12 mortgage loans. The info further alleges that Tomko and others caused fake loan applications to be processed thru mortgage brokers, including CMS Home Loans in Elyria, Ohio, and Allstate Monetary Group in Beachwood, Ohio.

The data charges that Tomko utilised straw buyers to purchase properties and to get financing in their names. The info further charges that Tomko caused fake appraisals to be prepared which falsely and artificially inflated the true values of the properties that were bought and bankrolled. The info also alleges the loan application packages that were submitted to the banks included some or all the following fake and fraudulent paperwork and info : inflated appraisals, source of down payment, rental earnings, lease agreements, and forged signatures. The data charges that Tomko and others fraudulently got 12 mortgage loans totaling just about $1.2 million on properties found in the Cleveland, Ohio, area. It is further claimed that Homecomings Money Network and People’s Choice Home Loans sustained major losses as these mortgage loans went into default and the properties were sold thru foreclosure. If found guilty, the suspect’s sentence will be decided by the Court after review of factors unique to this case, including the suspect’s previous record, if any, the suspect’s role in the offense and the features of the violation. In all cases the sentence will not surpass the legal maximum and often it’ll be less than the maximum. This case is being prosecuted by helper US lawyer John D.

Sammon, following a joint mortgage crime inquiry by the Cleveland Offices of the Fed.

Bureau of Inquiry and the Dept of Housing and Urban Development, Office of the Inspector General. An information is only a charge and isn’t proof of guilt. An accused has entitlement to a fair trial in which it is going to be the governing body’s burden to prove guilt beyond a fair doubt.