Monday, August 30, 2010 - Loan Processor sentenced to 30 yrs. prison - Press Release Distribution - PR Agency: "Today, Kim pled guilty to one count of bank fraud and faces a maximum penalty of 30 years in prison and full restitution when he is sentenced on Nov. 22, 2010.

According to a statement of facts filed with his plea agreement, Kim was a loan processor and mortgage broker with Alda Home Mortgage in Annandale, Va., from 2002 until 2006. While at Alda Home Mortgage, Kim falsified loan applications for under-qualified borrowers, using phony W-2s and phony bank statements to support the borrowers’ inflated income and bank account figures. In 2007, using the same deceptive practices, Kim began originating fraudulent loans at Onyx Financial Services, also in Annandale. In total, at both Alda Home Mortgage and Onyx Financial Services, Kim’s fraudulent practices brought about mortgage losses of approximately $1.9 million to a number of financial institutions."

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